Ripple plans to introduce enterprise Web3 solutions for supply chain finance based on the XRPL blockchain network to the Japanese market.
Ripple Labs officials announced a strategic partnership with HashKey DX, the crypto division of HashKey Group, a Tokyo-based consulting firm. The partnership aims to introduce XRP Ledger-based (XRPL) enterprise solutions for supply chain finance to the Japanese market.
Supply chain finance (SCF) is a financial practice that enhances liquidity and working capital of goods suppliers. For example, it allows suppliers to receive early payment on their invoices, improving cash flow management and reducing the impact of cash gaps.
The press release notes the success of HashKey Group’s similar blockchain solution, which launched in Mainland China in July 2019. It’s already used by 23 banks and more than 4,300 goods suppliers and processed transactions worth about $3 billion.
SBI Ripple Asia, a joint venture between Japanese financial services group SBI Holdings and Ripple, will also participate in the project. SBI Group companies will become the first users of the blockchain solution for supply chain management based on XRPL.
The cooperation between SBI Group and Ripple Labs became known in September 2023. The companies joined forces within the framework of the cross-border money transfer service project, which should unite several countries in Southeast Asia, including Indonesia, Vietnam, and the Philippines. In addition, Ripple representatives recently announced plans to issue a dollar-pegged stablecoin that aims to “bridge the gap between traditional finance and cryptocurrency.”
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