Yoshitaka Kitao – CEO of Japan-based financial heavyweight SBI Holdings – reportedly suggested Ripple expand its collaborating scope, to multinational firms, not just in the financial sector.

Specifically, Kitao – a board member of Ripple – reportedly claimed that his initiative to suggest a wider partnership for Ripple with firms such as  Big Shosha is an effort to make supply chains more and more transparent and traceable. 

“By adding multinational companies to the Ripple network and not just financial institutions we can expect [the number of cross-border payments] to grow exponentially.” Kitao further added. 

Kitao also reportedly expected that utilizing blockchain features for supply chain management is a task that needed extra attention, taking into account the ongoing situation across the globe, with SBI recording a “disruption in the supply chain”, regarding supplies for essential goods. 

“You will have to operate multiple supply chains with some flexibility and think about which countries are better equipped to deal with a pandemic. Also, you need to figure out which countries make information freely available and cooperate with others around the world…” Kitao further stated concerning the importance level of transparency and traceability Ripple can bring upon in the long run. 

Both Ripple and SBI have previously joined hands in projects, SBI Holdings taking an active role in their joint venture SBI Ripple Asia, established 4 years ago in an attempt to boost XRP usage in Asian financial markets.