Big changes are coming to the way how cross-border funds are transferred. SBI Ripple Asia plans a major blockchain experiment to achieve this goal. The goal is to transfer funds between Japan and South Korea through traditional banks. A major development in the world of blockchain and finance. It may help put Ripple on the map even more, as the company has been making a lot of progress as of late.
It is evident something needs to change in the way we send cross-border transactions. SBI Ripple Asia has a bold plan to alleviate a lot of these issues associated with such procedures. More specifically, the joint venture wants to build a new blockchain-based system to move money between Japan and South Korea. This trial will be a direct result of the company’s earlier progress made in Japan. For some time now, local financial institutions have been experimenting growth RIpple technology. All of these trials are seemingly positive so far, which paves the way for bigger projects.
A Bold Move by SBI Ripple Asia
It is worth mentioning this experiment has some interesting features. More specifically, DAYLI Intelligence will provide the blockchain technology for this new experiment. A partnership agreement has been signed to bring Ripple’s enterprise blockchain solution to the South Korean market. If the company can gain a foothold in that particular region, interesting things will happen sooner or later. South Korea is a region where blockchain and cryptocurrency genuinely thrive as we speak.
SBI Ripple Asia CEO Takashi Okita states:
“South Korea is one of the most active markets worldwide when it comes to blockchain innovation and trading of digital assets. With trade flows into and out of the country totaling $960 billion every year, we also see a high and growing demand for Ripple’s frictionless payments solution in the country. DAYLI Intelligence – a leading fintech firm – will help us to better serve our customers there.”
SBI Ripple Asia successfully formed a consortium of Japanese banks since 2016. All of these institutions use Ripple’s blockchain technology for payments and settlement purposes. It is evident this technology can make a big difference in the financial sector moving forward. Bringing this technology to other Asian countries is the number one priority for SBI Ripple Asia right now. It will be interesting to see how this venture plays out.
Header image courtesy of Shutterstock