Payment App Receives Investments from 13 Banks

Asia Blockchain Review
April 22, 2019

MoneyTap, a blockchain payment application co-developed by Japanese financial services giant SBI Holdings and U.S. tech firm Ripple Labs, has received investments from 13 Japanese banks, according to a Cointelegraph report.

SBI Holdings said in an announcement that Kiraboshi Bank, Shinsei Bank, and Hokuriku Bank together with 10 other local financial institutions joined the project as shareholders.

MoneyTap was designed to transfer money quickly using Ripple’s xCurrent blockchain solution, with the aim being to develop a remittance infrastructure that can operate 24 hours a day and enable customers to transfer money from their bank to any domestic or foreign institution participating in the project.

SBI Holdings has stated that banks using the solution are planning to collaborate to allow domestic bank-to-bank transfers, and reports indicate that MoneyTap will receive investments from additional Japanese financial institutions later in the year.

Ripple and SBI Holdings officially launched MoneyTap in October 2018, with Japanese banks SBI Sumishin Net Bank, Suruga Bank and Resona Bank being the first to join. The announcement, however, noted that the payment app expects to eventually see a consortium of 61 banks representing over 80% of all banking assets in the country.

Ahead of the app’s launch, SBI Holdings was licensed to handle electronic payments as an “Electronic Settlement Agency Service Provider” by Japanese regulators.

Remittance solutions like xCurrent are designed for use in both domestic and cross-border transactions between banks, as in the case of Spanish banking group Santander, which utilizes the Ripple platform for international money transfers in Brazil, Spain, the United Kingdom and Poland.

Ripple’s blockchain-based solution is also used by the UAE Exchange and payment platform Unimoni to complete real-time transfers to Siam Commercial Bank in Thailand.

Source: cointelegraph.com

 

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

 

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us