Japanese financial services giant SBI Holdings is considering paying shareholder dividends in the form of XRP tokens in the same way as its subsidiary, MorningStar.
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Cointelegraph Japan reported on December 5 that after MorningStar began offering XRP shareholder dividends to its shareholders earlier this year, SBI CEO Yoshitaka Kitao revealed that the company is considering emulating.
SBI will launch the program in the fiscal year ending March 2020, and Kitao further stated that it would opt in.
MorningStar's XRP dividend brings growth to SBI's cryptocurrency business
Independent financial investment research company MorningStar Japan first disclosed its plans to include XRP-based dividends in August 2019. At the time, the company said that if its shareholders held at least 100 shares before September 30, it would offer 30 XRP to its shareholders.
According to Kitao, SBI VC Trade claims that the introduction of XRP dividends by MorningStar has resulted in an increasing number of daily applications for SBI cryptocurrency exchanges.
So far, SBI and Ripple have become major partners
The two companies have worked closely together in the past, and SBI Holdings has become an active partner of Ripple through its joint venture SBI Ripple Asia, which was established to promote the use of XRP in the Asian financial market in 2016.
In the financial report released in late October 2019, SBI highlighted the increasing importance of Ripple technology in its remittance department SBI Remit, and the development of Ripple's xCurrent-based remittances.
In early April, Kitao was named the executive of Ripple Labs, and he will "further promote the use of blockchain and digital assets in financial institutions in Japan and Asia, and work hard to develop financial services with high customer benefits."