Payment App Receives Investments from 13 Banks

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 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: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

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