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SBI Ripple Asia to go into production with ODL this year and into next year

Key points:

  • SBI Ripple Asia currently testing ODL.
  • Moving into production this year and into next year.
  • SBI Ripple Asia met with the Central Bank of Cambodia.
  • Mr. Kitao is trying to make Ripple and XRP successful everywhere.

SBI Ripple Asia is a joint venture between SBI Holdings, a Japanese FI company group, and Ripple. SBI Ripple Asia’s mission is to provide a next-generation payment platform utilizing distributed ledger technology (DLT) to Asian financial institutions and remittance companies. Since November 2019, SBI Ripple Asia is being led by Adam Traidman, who is also the CEO of BRD Wallet and SBI Mining Chip Co.

SBI Ripple Asia to use On-Demand Liquidity

In an interview with Tony Edward, also known as Thinking Crypto, Mr. Traidman revealed that SBI Ripple Asia is successfully testing On-Demand Liquidity (ODL) right now and plans to go into production this year and into next year.

“ODL is a solution that changes the fundamental layers of the banking system and how money is moved and that technology is super exciting. It’s just rolling out now, for SBI Ripple Asia we have limited trial and pilot projects going on right now with various companies in our territories, and they’re going great. I expect that probably later this year and into next year things are going to move into widespread production, and I expect remittance companies that were restricted in growth because of pre-funding requirements to have a lot more flexibility.”

Marcus Treacher, Ripple’s SVP of Customer Success, also revealed last week that Ripple was aiming to accomplish complete global coverage by mid-2021.

Meeting with the Central Bank of Cambodia

SBI Ripple Asia’s CEO also revealed that he met with the head of the Central Bank of Cambodia in December 2019 as Cambodia was looking for alternatives to technologies like Swift, “because they want to get out from under the thumb of the US Department of Treasury which sort of runs the global banking network”. Indeed, Cambodia has been moving towards DLT to re-invent how its banking system works and aims to launch the platform by the end of 2020. It is unknown if SBI Ripple Asia is working with the Central Bank of Cambodia in any way. Ripple has also had interactions with many central banks across the world, with a meeting with Brazil’s central bank taking place only a few weeks ago.

XRP at the Osaka World Expo 2025

Expo 2025 is a forthcoming World Expo sanctioned by the Bureau International des Expositions (BIE), which will be held in Osaka, Japan. It will take place for six months during 2025, opening 3 May 2025, and closing 23 November 2025. This will be the second time Osaka hosts a World Expo, having previously hosted Expo 1970. The projected visitor count is approximately 28 million.

According to Mr. Traidman, SBI Ripple Asia’s business has been growing dramatically and SBI is Ripple’s biggest fan. Yoshitaka Kitao, SBI Holding’s CEO, is trying to make XRP and Ripple successful everywhere. As an example of Mr. Kitao’s commitment to XRP, Traidman mentioned that:

“If he gets his way, the CEO of SBI, if you go there (at the expo) and you want to buy anything from a Coca Cola to a hamburger, it’s gonna take XRP. That’s what we are working for.”

https://www.xrparcade.com/news/sbi-ripple-asia-to-go-into-production-with-odl-this-year-and-into-next-year/

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