Banks will actively implement Ripple XRP to improve their position in financial transfers. Many experts predict great success for the Ripple XRP, given the good functionality and reliability of the digital asset. A number of organizations are actively implementing Ripple XRP. Analysts from The XRP Daily said that in the future, banks will be even more interested in Ripple XRP.
Banks will actively implement Ripple XRP: Details
Ripple XRP will be actively implemented by banks, according to analysts at The XRP Daily. Experts have provided evidence of why the Ripple XRP will wait for such success. First of all, this opinion regarding XRP is based on statements by the head of the Japanese financial giant SBI Holding and Ripple board member Yoshitaka Kitao. On November 10, this figure appeared in a video that was shown at a meeting of the Ripple XRP community in Japan.
First of all, the head of SBI Holding noted the increased use of Ripple XRP in international transfers of Asian countries. The number of migrants living in Japan is 2.84, of which more than two million are from Asian countries. SBI Remit, the largest Japanese provider of financial transfers, supports cross-border transactions of this kind in more than 200 countries, for a total of 750 billion yen. Money transfers from Japan to other Asian countries account for 36.4%. Yoshitaka Kitao aims to bring the Ripple XRP to this market.
Another statement by the representative of the Japanese financial giant related to where the financial transfers based on Ripple XRP will be sent first of all. Priority, in this case, were named Vietnam (62.6%) and Thailand (21.4%). In these countries, SBI Remit has a high market share. SBI owns a 19.9% stake (limit on foreign capital) of Vietnamese TPBank, so it’s also easy to coordinate. TPBank’s CEO has recently been to Japan and has agreed to strengthen the partnership, especially in the advanced areas. Yoshitaka Kitao noted that the strengthening of the partnership in this case also includes the implementation of Ripple XRP. It is worth noting that TPBank is already a member of the Ripple network, planning to accelerate international money transfers using the company’s technologies.
A third statement was made regarding the MoneyTap application, which also uses Ripple XRP. According to the CEO of SBI Holding, in the future, two large banks will join MoneyTap. Currently, according to Yoshitaka Kitao, MoneyTap is available for 39 companies, including 30 large banks. Finally, the Japanese leader noted that the scope of the digital asset Ripple XRP can be expanded.
For example, with the help of Ripple XRP, it will be possible to buy tickets for sports matches, as well as food and drinks for them. There is also the possibility of including Ripple XRP in mutual funds in order to further increase the demand for a digital asset in institutional markets. Thus, Yoshitaka Kitao proved that banks will use Ripple XRP, and all the plans need only time to implement.