Yesterday, Yoshitaka Kitao, SBI Holdings (HD) president and who recently joined Ripple as one of its Board of Directors spoke about his plan to create “fourth megabank concept” at FINSUM 2019.
Ripple Partner Creating Fourth Megabank Concept
Organized by NIKKEI INC, and Japan’s Financial Services Agency (FSA), FINSUM 2019 is a 3-day mega fintech blockchain event held in Tokyo, the capital city of Japan. The event kicked off yesterday with visionaries presenting their views on the future of finance and decentralized technologies.
Yoshitaka Kitao, President of one of the most significant Ripple partners, SBI, talked about the creation of a “fourth Megabank concept” by utilizing Fintech with regional financial institutions. He says;
“We will use various fintechs in Japan and overseas to realize the“ fourth megabank concept with regional financial institutions.”
Following the concept, SBI intends to support local banks with various facilities such as infrastructure, asset management products, and services alongside human resource development. The member of Ripple’s boards of directors further asserts that SBI is seeking investment in significant banks, venture capital, and leading regional banks. Adding to that, SBI will own the majority of the holding company. Kitao said;
“The holding company provides the system to regional financial institutions at a low cost. The system cost can be changed from a fixed cost to a variable cost and a high-cost structure can be solved.”
As a holding company, SBI Group will enhance the “operation of regional financial institutions,” Kitao elaborated. Moreover, it will also introduce “Fintech as a joint platform” that will undertake various measures to eliminate money laundering and improve work efficiency. That’s where Ripple blockchain fits in.
FSA is a Big Fan of Bitcoin and Lightning Network
Besides Kitao, Bitcoin bull Anthony Pompliano (aka Pomp) was also a part of the event to deliver a keynote on “Defining the Future of Money.” Shortly, he took to Twitter and shared his picture which got captured with two key executives of the Financial Services Agency (FSA) – the FSA’s Commissioner Mr. Toshihide Endo and the Director of Fintech and Innovation, Mr. Jumpei Miwa.
Concerning Pomp’s latest tweet, FSA is a big proponent of Bitcoin and Lightning Network (LN). Besides, Japan is hoping to be a world leader in adopting BTC as well as LN with the fairly clear regulatory frameworks already set in place.
As for the vital Ripple partner SBI Holdings (HD), it has always been an active market player to embrace and adopt blockchain technology across its financial services.
Significantly enough, the bank’s subsidiary had recently announced a new initiative that will enable its shareholders to receive dividends in XRP, the native token of Ripple. Also, only a couple of days ago, SBI’s Ripple powered MoneyTap extended its reach with four new partners that resulted in 29 banks in total which will reportedly support MoneyTap.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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