Ripple has made partnerships and tie-ups with institutions a key point of focus, and when the partners themselves create new networks, the concept of cross border transactions with digital assets also spreads. Recent reports now claim that SBI Holdings, the Japanese banking conglomerate, has now decided to launch a capital and business alliance with Fukushima Bank.
SBI has stated that they are promoting various initiatives to contribute to region-specific growth through the activation of regional financial institutions. SBI added:
“As part of this project, we will make efforts to enhance the profitability of regional financial institutions and increase their corporate value by making the most of the products, services, know-how, etc. possessed by our group companies and our investee companies. In addition, we will promote initiatives to more actively support the operation of regional financial institutions through direct investment from the Company or its subsidiaries.”
As part of the partnership, SBI will assist Fukushima Bank to integrate with MoneyTap. The Japan Bank Consortium had first released MoneyTap back in March with an aim to allow customers of the bank to settle transactions instantly, all time around. SBI Ripple Asia leads the consortium, with a total member count of 61 banks. Takashi Okita, CEO of SBI Ripple Asia had earlier stated:
“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payment infrastructure in Japan. Together with the trust, reliability, and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
With the latest tie-up, Fukushima Bank customers will join stores with SBI Money Plaza Co.Lrd. strengthening of financial products brokerage with SBI Securities Co.Ltd. The alliance will also focus on the strengthening of Fukushima Bank’s profitability through the entrustment of assets under management by the Group’s asset -management business.
SBI also released its holdings list with the company revealing the types and number of shares to be underwritten to be 5 million. The underwriting price was 222 yen per share, with the total investment being 1110 million yen, with the ratio of voting rights after investment being 17.91 percent.
With the latest partnership, MoneyTap, which uses Ripple cross border technology, aims to spread blockchain technology and cryptocurrencies across the globe. Ripple’s xRapid looks like the key to revolutionize the remittances market with digital assets.
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