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SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, will facilitate Cambodia’s first international remittance service using blockchain technology.
In collaboration with SBI LY Hour Bank, which is a subsidiary of SBI Holdings, SBI Ripple Asia will make money transfers between Cambodia and Vietnam faster, cheaper and more convenient, thanks to RippleNet, the book-based payments network. Ripple’s Distributed Accounting. RippleNet is a financial service offered by Ripple that uses XRP to settle real-time transactions between currencies in an efficient, frictionless and convenient way. On behalf of the SBI Group, Yoshitaka Kitao, CEO of the bank, said:
“We will pursue synergies to the fullest in the future by generously providing new technologies such as distributed ledger technology (DLT) promoted by the SBI Group to companies within and outside the group, especially in the rapidly developing Asian region. We would like to lead the globalization of finance using cutting edge technology, such as leading the development of a money transfer service that incorporates crypto assets. “
Through the partnership, a payment corridor will be set up between the Cambodian and Vietnamese banks. Payment services will be offered at low fees and settled in real time taking advantage of blockchain-based technology.
Despite Ripple’s setbacks with the U.S. Securities and Exchange Commission, which alleges that XRP is trading as an unregulated security in the United States, SBI Group has been a firm ally of Ripple, even as partners like MoneyGram have suspended their collaboration with the fintech startup. Thanks to this, XRP adoption has grown significantly in Asia amid the demand facing Ripple in the US.
According to a recent earnings report released by Ripple, the company managed to increase its XRP sales by 97% in the first quarter of 2021. This translates to sales of $ 150.34 million in XRP for the first quarter of 2021, compared to net sales of $ 76.27 million. in the fourth quarter of 2020. It goes without saying that XRP has continued to prosper despite the legal battle that Ripple is currently waging.
Once the court case is resolved, there may even be a chance for Ripple to go public with the company. Recently, SBI Group CEO Kitao publicly stated that he wanted the company to go public after the court case with the SEC was resolved. This aligns with Ripple CEO Brad Garlinghouse’s visions for the company, as he had previously stated during interviews that Ripple aspires to conduct an initial public offering (IPO) in the future.
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