XRP will be used by several major banks around the world for cross border payments says SBI’s CEO

Ripple’s major partnership in the east comes from Japan’s bank consortium SBI, which has several major banks under its wing. The CEO of SBI, Yoshitaka Kitao said in an interview with Boss’ monthly issue that major banks will use XRP around the world for Cross Border Payments.

A Twitter user and XRP enthusiast, @Dillon posted a tweet which translated the Boss’ monthly issue. He tweeted:

“SBI CEO @yoshitaka_kitao says he thinks 20 major banks will use XRP in 2019! And some other nuggets. Translated from the BOSS monthly issue Feb 2nd 2019. Lets go”

As per the interview for Boss, which is a 24-page monthly issue about the future of payments, Yoshitaka Kitao said that he was looking for new ways to integrate XRP into the payment system and that he wants to implement XRP massively before the 2025 Osaka Expo.

Mr. Kitao continued that it was difficult to make payments via Bitcoin and that he believes that XRP would be an alternative. He continued that he wanted to set the stage for XRP to take off when the time was right.

He continued:

“I think 2019 is the year when approximately 20 of the world’s major banks would start to incorporate XRP for international money transactions.”

Kitao added that Japan already has a money transfer application called “Money Tap” which used Distributed Ledger Technology [DLT] but not XRP and that he wants to inculcate XRP via “Corda” which is R3’s application for transferring assets.

With the recent R3 and SBI Holdings partnership, Mr. Kitao’s dream about setting XRP for a massive implementation in the financial system is closer to reality.

Yoshitaka Kitao stated:

“We would like to create a joint venture with R3 and SBI in Japan like we did with Ripple. And start up the consortium as soon as possible and develop the system while holding the conferences in which many people can learn the system in parallel. In this way, by using XRP, visitors from all around the world come to Japan can pay bills  without exchanging the money from US dollars to Japanese Yen.”

Yoshitaka Kitao said that as soon as this partnership is done, they will be focussing on expanding this system across the world and that it was his dream to achieve this. Kitao said:

“Ripple has a strong feature on transferring money, therefore, we can take advantage by using Ripple for international money transfer and the rest of the transaction will be done using R3’s Corda… Our current strategy is to expand worldide and complete the system before Osaka EXPO 2025”

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