24 October 2017
Find out more

Ripple to create Asian joint venture with SBI Holdings

29 January 2016  |  8160 views  |  0 globe

Ripple is to create a joint venture company with Japanese financial conglomerate SBI Holdings to drive the adoption of its distributed ledger technology for cross-border payments across Asian markets.

The new company - SBI Ripple Asia - will build an engineering and sales force across Japan, China, Taiwan, Korea, and Asean countries to sell and install Ripple’s technology stack for cross-border payments at banks across the region. Ripple will continue to operate Ripple APAC to service Australia, Singapore and other high-demand growth markets in the region.

“Surveying the market, Ripple was the only company that has delivered battle-tested enterprise solutions and global bank customer traction, including commercial deals with top banks already signed in Asia Pacific,” says president and CEO of SBI Holdings Yoshitaka Kitao. “Distributed financial technology is undoubtedly transforming financial infrastructure and we’re excited to drive its adoption throughout Asia.”

SBI Holdings has a long track record of success building joint ventures with international financial services brands, including E-Loan, E*Trade, MorningStar, and Sumitomo Mitsui Trust Bank. The company also holds stakes in 10 financial institutions across Asean, providing a ready-made distribution network for Ripple Connect, the firm's enterprise-grade settlement package.

Ripple co-founder and CEO Chris Larsen, says: “SBI’s deep expertise and relationships across banking, capital markets, insurance and payments will help aggressively scale Ripple in some of the fastest-growing financial markets in the world.”

SBI Holdings and Ripple have also agreed to explore working together to list XRP, Ripple’s native digital currency, through its online brokerage properties, including the largest online trading platform in Japan.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Earthport creates single API for access to distributed ledgers

Earthport creates single API for access to distributed ledgers

12 January 2016  |  7731 views  |  1 comments | 19 tweets | 15 linkedin
Microsoft blockchain-as-a-service embraces Ripple

Microsoft blockchain-as-a-service embraces Ripple

08 December 2015  |  18460 views  |  0 comments | 58 tweets | 38 linkedin
Santander InnoVentures joins Ripple funding round

Santander InnoVentures joins Ripple funding round

06 October 2015  |  11204 views  |  1 comments | 31 tweets | 19 linkedin
Earthport opens gateway to distributed ledgers with Ripple

Earthport opens gateway to distributed ledgers with Ripple

18 August 2015  |  11839 views  |  0 comments | 26 tweets | 20 linkedin
Ripple Labs names former DTCC boss Donahue as an advisor

Ripple Labs names former DTCC boss Donahue as an advisor

01 June 2015  |  6328 views  |  0 comments | 8 tweets | 3 linkedin
CBA to test Ripple for intra-bank transfers

CBA to test Ripple for intra-bank transfers

27 May 2015  |  14955 views  |  2 comments | 27 tweets | 22 linkedin
Ripple scores $28 million funding round

Ripple scores $28 million funding round

19 May 2015  |  9915 views  |  0 comments | 17 tweets | 17 linkedin
Ripple signs first two US banks

Ripple signs first two US banks

24 September 2014  |  15433 views  |  5 comments | 18 tweets | 10 linkedin
Fidor to use Ripple to speed money transfers

Fidor to use Ripple to speed money transfers

06 May 2014  |  10793 views  |  0 comments | 7 tweets | 7 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.innotribe.comvisit www.vasco.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
20592 views comments | 31 tweets | 44 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15555 views comments | 24 tweets | 33 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
11172 views comments | 12 tweets | 23 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job