In one of its major moves since SBI Ripple Asia was created earlier this year, the company says it is working with financial institutions in South Korea to develop a system for blockchain-based cross-border payments transfers with Japanese banks.

Financial settlements provider Ripple and SBI Holdings Inc. created SBI Ripple Asia in January with the intention of building an engineering and sales force across Japan, China, Taiwan, Korea and other Asian countries.

In seeking to establish that international perspective, the company has formed a partnership with Dayli Intelligence, a unit of Dayli Financial Group.

IMAGE: Adobe Stock

Dayli has previously worked with South Korea’s first blockchain consortium as well as the Ministry of Science and ICT (information and communications technology).

“South Korea is one of the most active markets worldwide when it comes to blockchain innovation and trading of digital assets," Takashi Okita, CEO of SBI Ripple Asia, said in a Sept. 19 press release. "With trade flows into and out of the country totaling $960 billion every year, we also see a high and growing demand for Ripple’s frictionless payments solution in the country.”

The collaboration will oversee instant cross-border payments between customers in Japan and South Korea, as well as other global markets, enabling round-the-clock settlement at reduced costs, SBI Ripple said.

As part of the process of establishing SBI Ripple Asia earlier this year, the new company announced the creation of a Japanese consortium of banks that will use Ripple’s technology for domestic payments and settlement.

By July, the consortium had grown to 61 banks, including mega-banks Sumitomo Mitsui Banking Corporation, MUFG and Mizuho.

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