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Woori Bank, well-known South Korean bank, would have announced before the national media its plans to commercialize a platform based on blockchain for international remittance transfer, which was developed in conjunction with Ripple.
The bank would have confirmed that the first round of testing of the pilot platform would have ended in January and a second round of preliminary investigations was carried out recently before the network was commercialized, which they expect to happen soon this year. In this way, marks the end of a first stage of tests that was promoted by a group of 60 Japanese banks and two banking entities of South Korea -among which is Woori Bank-, all led by the group SBI Ripple Asia .
One of the Woori Bank officials commented to the local ChosunBiz media that not only Woori is interested in introducing the platform in the regional financial industry, but also three other Japanese megabanks that have been involved in the development of the network.
Since the test results were good, there are many banks that will market with the technology in Japan. Several banks, such as two or three megabanks and professional Internet banks, are pushing to introduce it into daily practice.
In this regard, the official stressed that the Ripple solution could significantly improve cross-border services, providing greater efficiency to international transactions without intermediaries and incorporating blockchain technology to traditional financial platforms.
One problem that we can improve is the negotiation with remittances abroad, but the transfer method (blockchain) is much faster and cheaper than existing remittances.
It is now known that - in addition to Woori Bank - other financial institutions of great worldwide recognition have been deeply committed to distributed accounting technologies in the hands of Ripple. For example, the Japanese megabanks, Mitsubishi UFJ, Sumitomo and Mizuho have led various proposals for the application of DLT solutions in the Japanese banking sector, while in the case of South Korea and Thailand the Shinham entity and Siam Commercial Bank have participated in the project respectively.
For its part, Ripple has capitalized important alliances in the South Korean market and its cryptocurrency - the XPR - managed to be quoted with an increase of 10%, after it announced the cooperation of Japanese banks with the platform, a rise that did not stop in all 2017, since it was the cryptocurrency that most revalued its price during the past year. Undoubtedly, 2018 seems to be another good year for Ripple.