More Massive news coming out of Japan and SBI.
SBI Remit, a subsidiary of the larger SBI Group, is collaborating with Hamamatsu Iwata, a major Japanese lender, to ease the process of outward remittances using RippleNet’s blockchain infrastructure.
Announced earlier this week, SBI Remit’s role in the partnership is to expand the overseas market reach of the already existing international remittance platform of Hamamatsu Iwata Credit Bank.
The deal was inked in the wake of increasing demand for cross-border transactions originating from Japan that has been fueled by the rise in the foreign workforce in the country. The announcement pointed out that Japan’s growing older population has made the country rely heavily on foreign workforce.
Workers travelling to Japan from other countries increased significantly over the years, and the figure is anticipated to grow further. This has generated a massive demand for awkward remittances from Japan.
SBI, Hamamatsu Iwata Bank to Use RippleNet for Remittance. #XRP
The partners are trying to tap into the growing remittance demand in Japan.https://t.co/CdI23SHGQe
— JackTheRippler🤫🐻🏦 (@RippleXrpie) July 2, 2021