SBI Remit, a subsidiary of Japanese financial giant SBI Holdings, will partner with Hamamatsu Iwata Bank to launch an international money transfer service based on RippleNet.
According to the press release Crypto-Auditor‘s team opinion, the number of foreign workers in Japan has been increasing recently. Companies are forced to attract them due to the decline in the number of working-age residents due to low birth rates and an aging population.
The partners look to leverage their strengths for a joint solution to meet the growing demand from foreigners for remittances to their families.
It is also assumed that the joint work will help the bank, which has an operating service for cross-border transfers, to expand its business abroad.
Recall that SBI Holdings supported Ripple after the US Securities and Exchange Commission filed a lawsuit against the American fintech firm and its executives.
CEO Ripple Brad Garlinghouse said the regulator’s claims did not affect the firm’s growth in Asia. XRP liquidity use continues to grow, especially in Japan, he stressed:
“Our mission is to provide financial services related to remittances of foreign residents, and we use Ripple’s distributed ledger technology, which is distinguished by its speed of deposit and low fees.”