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Finance

SBI unit to test cross-border blockchain funds transfers

South Korean banks join experiments involving Japanese consortium

TOKYO -- SBI Ripple Asia looks to begin testing a funds-transfer system using blockchain technology between Japanese and South Korean banks by the end of fiscal 2017, applying experience gained from experiments in Japan.

The SBI Holdings unit will work with DAYLI Intelligence, a provider of blockchain technology, on the South Korean side. The payments experiment using virtual currency will run on blockchain, which involves having participants confirm a transaction by comparing their own copies of the register logging all transactions within a system. This decentralized record-keeping scheme allows money to be sent at any time and entails far lower costs than a conventional clearing arrangement.

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