SBI Holdings, the financial services business division of Japan’s SBI Group, has announced it is creating a new company in partnership with Ripple Called SBI Ripple Asia, the new company aims to focus on expanding the use of Ripple products and services through sales and engineering efforts focused on Asian markets including China, Korea, Japan and Taiwan.
The announcement comes amid a broader push by SBI Group to make its interest in the blockchain and distributed ledger technology known, and amid a shift in Ripple’s strategy to emphasize the value of its solutions for cross-border payments.
This latest deal with SBI Holdings will go a long way toward alleviating some of that pent up pressure.
SBI is a big deal in Japan. The $28 billion financial services conglomerate has over 5,000 employees with offices in 20 countries.
But what’s key is SBI’s regional influence.
As part of the deal, we’ll see the formation of SBI Ripple Asia, a new joint venture that will service not only Japan but also China, Taiwan, South Korea and ASEAN countries. (Ripple APAC, based in Sydney, will continue to service Australia, New Zealand, Singapore, India and the Middle East.)
As part of the agreement, Ripple and SBI are exploring ways to list XRP through SBI’s various online brokerage properties. Among those properties is Japan’s leading online securities trading platform—which recently reached a milestone of 3.5 million accounts.
Expanding into the asian market makes alot of strategic sense and this move will cement ripple technology as an important protocol layer of the internet