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Cryptocurrencies

Ripple Asia trials bank transfers between Japan and South Korea using DLT

Wednesday 13 September 2017 | 09:29 AM CET

SBI Ripple Asia has begun testing bank transfers between Japan and South Korea using digital ledger technology (DLT).

SBI Ripple Asia was founded in early 2016, with an eye to amplifying the use of Ripple products and services in Asian markets. The company is a joint venture between SBI, a Japan-based financial services company and Ripple and has already led a consortium of banks to complete a pilot implementation using Ripple's technology within Japan earlier in 2017. CoinDesk announced that according to local media, SBI Ripple Asia will work alongside blockchain and AI solutions provider DAYLI Intelligence for the expansion of the scheme into South Korea.

The venture is also planning a program, commencing in October 2017, to train engineers from around 20 companies in blockchain and cryptocurrency technologies. Companies involved include Nomura Research Institute, Toppan Printing and NEC, reports indicate.

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