SBI Remit, a subsidiary of Japanese financial services giant Strategic Business Innovator(SBI) Group, announced a partnership with Hamamatsu Iwata Bank to develop a RippleNet-based international remittances platform. The venture is expected to commence services from July 12 and address the growing need for remittances among foreign residents in Japan.
Japan has seen a steady increase in foreign workers' influx due to an aging population, declining birthrates, and ongoing shortage of workforce. As of June 2020, there were 2.88 million foreign workers in the Japanese market. Therefore, it’s only obvious that international remittance needs will inflate in the medium and long term.
To help people transfer money back home, SBI Remit leverages Ripple's distributed ledger technology, which boasts high-speed deposits and low fees with support for 12 languages at present.
The Hamamatsu Iwata Bank is based in Japan’s Shizuoka prefecture, a well-known industrial hub that employs many foreign workers. Together with SBI Remit, the institution will cater to the rising remittance needs of the immigrants in the region
Before its agreement with SBI Remit, Hamamatsu Iwata Bank already ran an international remittance service. But the partnership will enable the bank to expand to overseas markets and create new channels for sale.
Leading currency exchange and remittance network, Ripple has appointed former Mastercard executive Sendi Young as managing director of its European operations.
At Mastercard, Young was responsible for business development strategies and helping the fintech corporation with expansion through partnerships. Young’s work also entailed helping banks switch to real-time payments.
Young is an advocate for blockchain technology and cryptocurrencies. She believes the future of the fintech sector would depend on these subjects. At Ripple, Young will oversee strategy, including the expansion of its network technology RippleNet.
For Ripple, the European market is a critical block in the company’s overall expansion. The region is home to a quarter of its current customers and is currently supporting transaction growth at its platforms.