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SBI Ripple Asia to test blockchain-based cross-border funds transfer system
SBI Ripple Asia, the joint venture between Ripple and SBI Holdings, is going to test a blockchain-powered funds transfer system between Japanese and South Korean banks by the end of fiscal 2017, Nikkei Asian Review reported.
The trial will build on the experience gained from experiments conducted in Japan. For the payments experiment, SBI Ripple Asia will work with blockchain technology provider DAYLI Intelligence, a subsidiary of DAYLI Financial Group. They have signed a partnership agreement to bring Ripple’s enterprise blockchain solutions for cross-border payments to the South Korean market.
According to Ripple Insights, the blockchain-powered payments solution will enable round-the-clock settlement at a significant savings to both banks and consumers across the region.
“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,” Takashi Okita, CEO of SBI Ripple Asia, said.
SBI Ripple Asia formed a consortium of Japanese banks last year that will use Ripple’s blockchain technology for payments and settlement. Earlier this year, the consortium completed a pilot implementation of Ripple in Japan using a cloud-based payments platform and said that it will move into commercial phase.
In July 2017, three major banks Sumitomo Mitsui Banking Corporation (SMBC), MUFG and Mizuho joined the consortium.
According to Nikkei, SBI Ripple Asia and its parent company will commence a program next month aimed at training engineers on blockchain and digital currencies, in order to foster research and experimentation in these areas. Nearly 20 companies are expected to take part in the program.
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