Japan’s Resona Bank joins SBI Ripple Asia’s consortium

Japan’s Resona Bank joins SBI Ripple Asia’s consortium

Japanese retail and corporate bank Resona Bank, part of the Resona Holdings, announced it is joining the consortium of SBI Ripple Asia and 15 Japanese banks that was formed in August.

Resona Holdings, which, besides the eponymous bank also includes two other – Saitama Bank and the Kinki Osaka Bank is planning to take advantage of the blockchain system developed by the consortium and to offer domestic and international transfers 24/7. Currently Resona Holdings has a system that allows such transfers only among its own banks.

The developers plan that the blockchain-based system will enable faster, cheaper, high-secure round-the-clock domestic and international intra-bank transfers. It is expected that the system will be launched in spring 2017.

The Google-backed Ripple set up the SBI Ripple Asia joint venture with SBI Holdings earlier this year with the aim to expand the adoption of Ripple’s blockchain technology across Japan and throughout Asia with the help of SBI’s considerable local presence.

Also earlier this year Mizuho Financial Group (MHFG), one of Asia’s financial groups tested a pilot blockchain technology for cross-currency settlement, developed by Ripple.

MHFG also is one of the participants in the Series B financing round, which raised $55 million for Ripple recently.

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