SBI Ripple Asia enters South Korean market
Written by Chris Lemmon
SBI Ripple Asia has signed a partnership agreement with DAYLI Intelligence to bring Ripple’s enterprise blockchain solutions for cross-border payments to the South Korean market.
DAYLI Intelligence provides blockchain solutions and AI-based technology infrastructure for financial institutions and will work with SBI Ripple Asia to enable instant cross-border payments between customers in Japan and South Korea, as well as other global markets.
The blockchain-powered payments solution will enable round-the-clock settlement at a significant savings to both banks and consumers across the region.
Commenting on the partnership, Takashi Okita, CEO of SBI Ripple Asia, said: “South Korea is one of the most active markets worldwide when it comes to blockchain innovation and trading of digital assets. 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. DAYLI Intelligence – a leading FinTech firm – will help us to better serve our customers there.”
Kyoung June Eee, CEO of DAYLI Intelligence, said: “Our partnership with SBI Ripple Asia builds on our previous collaborations, including with 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 bring Ripple’s innovative payments solution to the Korean market in order to enable businesses to send and receive payments quickly and efficiently.”
SBI Ripple Asia was formed in early 2016 and manages a consortium of more than 60 Japanese banks who leverage Ripple’s enterprise blockchain technology for instant payments and settlement.