As a joint venture established by Ripple, an American fintech venture company, and SBI Holdings, Inc., SBI Ripple Asia creates the “Internet of Value” in Japan and other Asian region by merging the expertise and technology of both companies. Participants of RippleNet, which uses distributed ledger technology (DLT), can directly connect with financial institutions with a single API and instantly and reliably transfer money in more than 40 currencies to more than 70 countries. SBI Ripple Asia provides RippleNet to financial institutions and money transfer service operators in Japan, South Korea and certain Southeast Asian countries.
In recent years, innovative changes in information and communication technology (ICT) and changes in customer behavior and social life have led to a diversification of needs for 24-hour, real-time payments and small-value transfers. In addition, the needs for foreign exchange have also changed significantly owing to cross-border e-commerce and Japanese companies' expansion into Asia, which has led to borderless economy. In the context of these circumstances, SBI Ripple Asia is working to expand the new platform between financial institutions that are essential for payment and remittance.
