Recently, SBI Remit, the largest remittance provider in Japan partnered with BitPesa, a digital foreign exchange and payment platform for frontier markets based in Kenya. The collaboration aims to make the payment between Africa and Japan seamless and easy by using the blockchain platform. The director of SBI stated:
“Many companies are doing trade with African countries and they are suffering from the high cost and the slow speed and not very precise administration. So this is the market that we would like to go in, together with Bitpesa.”
Through the partnership, the two platforms plan to use blockchain technology to decrease friction, increase efficiency and compatibility for cross-border payments between the African continent and Japan. The collaboration also hopes to increase business prospects between the two continents.
SBI Remit, a subsidiary of the SBI [Strategic Business Innovator] group and a partner of Ripple, through its international remittance service aims to provide “low fees”, “swift remittance”, and “safety” for its users.
Elizabeth Rossiello, the Founder of Bitpesa stated:
“If it makes sense for us to settle using cryptocurrency or fiat currencies then we do and in this case, we’re happy that SBI feels the same way, so we’re open to using digital or fiat currencies to settle between us.”
It has been reported that there are more than 400 registered businesses that are already functioning in the continent. The partnership is also a chance for Japanese business enterprises to gain entry into the African market.
Bitpesa is an exchange platform that accepts transactions from banks around the world and moves it directly into a user’s account. The platform aims to make payments in and out of the African continent easier through their service.
A Twitter user named LiamLightmare commented:
“Doesn’t make sense, except for the liquidity argument. Neither XRP nor BCH have liquid markets in Africa (yet), so it might be a better than nothing solution. Ripple is the meantime is targeting more liquid corridors around Asia. Still a questionable decision environmentally.”
Another Twitter user named CrypticKurd said:
“I doubt that. Sounds like XRP could do it better and SBI Holdings is partnered with Ripple.”
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