Ripple is to work with financial institutions in South Korea to enable blockchain-based cross-border payments transfers with Japanese banks.
Less than a year ago, SBI Ripple Asia announced the creation of a Japanese consortium of banks who will use Ripple’s technology for domestic payments and settlement. By July, the consortium had grown to 61 banks, including mega-banks Sumitomo Mitsui Banking Corporation (SMBC), MUFG and Mizuho.
An international perspective now comes in the form of a partnership agreement with Dayli Intelligence, a subsidiary of Dayli Financial Group, which has previously acted with South Korea’s first blockchain consortium as well as the Ministry of Science and ICT.
SBI Ripple Asia says the collaboration will seek to facilitate instant cross-border payments between customers in Japan and South Korea, as well as other global markets, enabling round-the-clock settlement at reduced costs.
Takashi Okita, CEO of SBI Ripple Asia, says: “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.”