The Asian continent has experienced strong growth in the Distributed Ledger Technologies (DLT) market, led by countries such as Japan, China, the United Arab Emirates and South Korea, which have driven major domestic initiatives to enhance the regional market for blockchain. In this sense, South Korea returns to the public debate with SBI Ripple Asia, an organization that has closed alliance with the Financial Group: DAILY, a South Korean firm dedicated to the Fintech sector.
Announced this week, Ripple reported that it will be subsidized by Daily Intelligence, a group specializing in Distributed Accounting and Artificial Intelligence technologies, would have closed an agreement to work in tandem with the goal of introducing blockchain solutions to the South Korean market.
In this way, the two DLT companies will carry out tests for cross-border settlements between customers in South Korea and Japan which will be validated in just 24 hours, a move that could boost the international payments sector and offer considerable savings to the banking industry and their users.
Kyoung June Eee, CEO of Daily Intelligence, stressed that this initiative is part of a national scenario where blockchain technologies have received support and collaboration from government and business entities that could multiply the adoption of these tools at the territorial level:
" Our collaboration with SBI Ripple Asia builds on our previous collaborations, including South Korea's first blockchain consortium, as well as the Ministry of Science and ICT. We are proud to work with SBI Ripple Asia to offer Ripple's innovative payment solution to the Korean market so companies can send and receive payments quickly and efficiently. "
Kyoung June Eee
CEO, DAYLI Intelligence
On the other hand, Takashi Oshita, CEO of SBI Ripple Asia, pointed out that the domestic blockchain market in South Korea has increased considerably, being one of the most active Asian countries in adopting DLT tools and marketing of digital assets with a flow of trade in and outside the country of about 960 billion dollars a year.
The increase in demand in the Fintech sector at the national level, which has produced regulatory discussions, crypto-auctions and even adoptions of corporate giants like LG, has boosted the interest of small and large financial sector companies for Ripple, Oshita said.
RIPPLE CAPITALIZES IN ASIA
Besides South Korea, Ripple has also managed to make a place in one of the most populated cities of India, Mumbai. The company reported the opening of a new office in the city that will work to boost cross-border payments by private agencies Axis Bank and Yes Bank.
This initiative is part of an India that is increasingly interested and committed to distributed accounting technologies, a demand that has moved the government sector to create a Fintech regulatory committee and to promote the constitution of a blockchain center in its territory, among others Projects.
SBI Ripple Asia also leads a consortium of 60 Japanese banks seeking to boost instantaneous and cross-border payments nationwide from the rising sun. Region that has been characterized by its opening to the use of Bitcoin, which has generated an important wave of adoption of cryptoactive.
About the author: ANDREA LEAL
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My own thoughts regarding this amazing articule are that the technology used by ripple is disruptive and the transactions will be executed so fast that every single company in the world will be interested to be part of it, because the fact that it will make them save more money is quite interesting; the business will grow exponentially.
Asia market is the number one using this kind of technology they are experiencing the blockchain success at a maximum level.