Japanese financial giant SBI Group partners with a major Japanese bank to set up an international remittance service based on RippleNet.
In a press-release published today, SBI Remit, a subsidiary of SBI FinTech Solutions, which is part of the SBI Group and a major Ripple partner in Japan, has announced that it will be collaborating with major Japanese bank Hamamatsu Iwata Bank to build a RippleNet-based international remittance platform.
Ripple ledger adoption expands in Japan
The press-release mentions regular annual increases of workers coming to the country from abroad, which are necessary for Japan’s economy due to the fact that the local population is aging and the birth rate is dropping.
Therefore, the needs of these workers for using fast and cheap international remittances are growing and they must be covered.
SBI Remit uses Ripple’s remittance network RippleNet that allows the participants to send money fast and at a low cost without prefunding on the other end.
Hamamatsu Iwata Credit Bank already runs an international remittance platform and now SBI Remit will join it in order to support its expansion to overseas markets and set up new sales channels.
Ripple hires an ex-Mastercard top exec to expand in Europe
As reported by U.Today earlier on Wednesday, the crypto decacorn Ripple has hired Sendi Young as Managing Director of its European operations.
Previously, Young had been in charge of business development strategies in Mastercard and helped this fintech behemoth to expand via new partnerships, helping banks to switch to real-time payments.
However, she is convinced that the future of the fintech industry lies with blockchain and crypto. She believes that banks are slowing down seamless value exchange across borders and they do not favor global financial inclusion.
Ripple Deepens its Footprint in The Middle East Through Pyypl
Ripple deepens its footprint in the Middle East region through a partnership with international blockchain-based financial services company Pyypl.
Ripple announced the news in a blog post on Monday, October 25. Through the partnership, two companies aim to bring instant, low-cost remittances to the Middle East and North Africa (MENA) region, starting with the United Arab Emirates (UAE).
Pyypl is a non-bank financial services provider focusing on the Middle East, Africa, and Central Asia. According to the announcement, Pyypl has started using RippleNet’s On-Demand Liquidity (ODL) payment service in the Philippines. This means users of Pyypl can now send money from UAE to the Philippines. The companies have plans to expand the ODL-powered payment network to new markets as well as explore additional use cases in the future.
ODL is the payment service provided by Ripple’s global payment network RippleNet. Through the On-Demand Liquidity (ODL) service, RippleNet leverages the digital asset XRP as a bridge between two currencies, eliminates pre-funding of destination accounts, reduces operational costs, and unlocks capital.
In ODL, the money to be sent is converted to Ripple native token XRP and then sent over by using Ripple’s XRP ledger. On the receiver side, XRP can be converted back to the currency the receiver wants. According to the company, sending money anywhere in the world takes as little as three seconds.
According to Ripple, the Middle East and North Africa (MENA) region is home to two of the top three remittance corridors in the world. Traditional remittances are often plagued by slow, expensive, and opaque transactions. However, by using ODL and XRP, Pyypl will now provide instant, low-cost remittance options for people sending money into and out of the region. The announcement notes that “XRP will not be held within the UAE and transactions will not involve the currency AED as part of the payment flow.”
Antti Arponen, Co-Founder and CEO of Pyypl, commented:
“We’re excited to be Ripple’s first partner of choice to bring the deployment of ODL to the Middle East. This enables our ever-increasing number of users to deliver remittances instantly and cost-effectively. We’ve also reduced our inefficient use of capital through ODL, and look forward to an exciting rollout of its capabilities across the region.”
Ripple is not the new entrant to the MENA region. As Crypto Economy reported, Ripple has recently announced a partnership with Qatar National Bank (QNB) with a focus on cross-border payments for Qatar citizens. Ripple also established a regional headquarters in Dubai in 2020 to support its customers. In the previous week, Ripple announced a parthership with Al Ansari Exchange, the UAE-based foreign exchange, to provide remittance service from UAE to Malaysia.
Ripple Collabs With Pyypl to Expand ODL Services in MENA Region
- Ripple partners with Pyypl to expand ODL services in the MENA region.
- Through this ODL synergy, users will enjoy instant and cheap remittance services.
- The United Arab Emirates (UAE) will be the first to access this.
Ripple announced that it is now in a fantastic partnership with blockchain-based fintech company Pyypl to continue expanding On-Demand Liquidity services particularly, in the Middle East and North Africa (MENA) region.
Moreover, with this partnership release, Ripple and Pyypl will work hand-in-hand to provide instant and low-cost remittances services. Based on the report, among the other MENA regions, the United Arab Emirates (UAE) will be the first to experience the ODL services.
Notably, this fintech innovation by Ripple aims to make remittance services fast and easy in terms of the to-and-fro of transactions in the MENA area. Of note, as part of the payment flow, “XRP will not be held mainly in the UAE.” Also, all the transactions under this ODL synergy in the country will not involve AED — the UAE native currency.
By banking the unbanked, Pyypl will meet its long-term goal of providing digital payments for the underserved smartphone users in the MENA area. Best of all, Pyypl will also use Ripple’s ODL to remove high-cost pre-funded accounts needed in the traditional cross-border payments.
Pyypl’s Co-Founder and CEO Antti Arponen said,
unlocking these previously trapped funds can help better grow and scale the business.
To cut a long story short, this announcement carries Ripple’s ever-growing presence and momentum ahead in the Middle East and North Africa.
Warrant Buffet backs RippleNet’s Nubank while SEC vs Ripple case drags on
- Warren Buffet’s conglomerate Berkshire Hathaway has invested $500 million in Brazilian digital bank Nubank, a member of RippleNet.
- The SEC v. Ripple case drags on as both disagree on the nature of documents.
- Ripple has argued that the SEC has not articulated a link between the extra documents in its decision-making.
SEC v. Ripple proceedings continue as the court concedes SEC’s extension request and pushes the expert discovery deadline to January 14. There are several complications in the case, and the American regulator did not object to filing exhibits being filed under seal.
Berkshire Hathaway invests in RippleNet member bank
Warren Buffet’s conglomerate firm Berkshire Hathaway poured in a $500 million investment in Brazilian digital bank Nubank. The Latin American NEO bank is the largest financial technology bank in the region. It is a member of RippleNet and has engineering offices in Berlin, Argentina and Mexico City.
The bank recently announced the investment. Nubank’s partnership with RippleNet was revealed nearly around the same time when Buffett’s Berkshire Hathaway made the $500 million investment.
In Ripple’s defense against the accusations made by the Securities & Exchange Commission (SEC), the firm has claimed that the SEC failed to “articulate” a link between the three extra documents (requested by Ripple) and its decision-making process.
Ripple’s October 22 filing reiterates that the documents are highly relevant to the defense. Further, Judge Netburn has ordered the SEC to respond to Ripple’s interrogatories and identify the terms of the “investment contract” from XRP sales.
The order reads:
Accordingly, Defendants’ motion regarding Ripple Interrogatory No. 2 is GRANTED, and the SEC must supplement its response to Interrogatory No. 2 to identify any specific contractual terms and not just implicit and explicit promises as previously identified.
Mike Novogratz, the founder and CEO of Galaxy Digital, has argued that community resilience in the SEC v. Ripple case has led XRP’s price to multiply three times despite the ongoing lawsuit.
Novogratz called XRP
a diversified financial services and investment management innovator in the digital asset, cryptocurrency and blockchain technology sector.
FXStreet analysts have evaluated the XRP price trend and predicted that the altcoin’s price will likely hit $1.50.