Ripple invests in Japan’s banking financial ecosystem Money Tap

Ripple invests in Japan’s banking financial ecosystem Money Tap

Money Tap, a subsidiary of SBI Holdings, received today a significant investment from Ripple Labs Inc.


28 Oct 2020 , 12:10 @ Matey Salt

Ripple invests in Japan’s banking financial ecosystem Money Tap

Money Tap, a subsidiary of SBI Holdings,  received today a significant investment from Ripple Labs Inc.
Tokyo

Ripple, together with SBI Holdings, a financial services company group based in Tokyo, continues to expand its business activities in Asia.

Ripple took the first step towards Asia already in 2016 when, together with SBI H., it founded SBI Ripple Asia Co., Ltd., which focuses on Japan, South Korea and parts of Southeast Asia.

According to today’s investment announcement from Ripple, the company is already directly involved in building a common financial ecosystem with subsidiary SBI Holdings called Money Tap.

The goal of Money Tap is to develop a next-generation payment platform that will use Ripple technology to make real-time payments. To make interbank payments, customers will be able to use a smartphone application, which differs from other applications mainly by adding the function of sending payments using a QR code.

XRP is open-source decentralized blockchain technology which can consistently handle 1,500 transactions per second, 24×7, and can settle transactions in 3-5 seconds

Interbank transfer fees remained high in Japan and have not been changed for more than 40 years, which is unusual by international standards. Through the provision of next-generation financial infrastructure, Money Tap will help revitalize economic activity and improve international competitiveness by applying sound competition principles to the fee levels of the existing rigid payment infrastructure.

Notice, SBI Holdings, Inc., Money Tap Co., Ltd.

Money Tap also wants to involve various payment service providers in its ecosystem through prepaid usage fees. The company can thus achieve the desired effect by merging financial institutions with business operators, payment providers or fintech companies, which will lead to customer satisfaction.

This year SBI Holdings is  extremely active in the field of FinTech and cryptocurrencies, which is confirmed by other recent reports such as SBI H. is creating International Financial Centers but also SBI H. brings the first Crypto CFD trading to Japan.

Read also: DBS Bank Ltd, a Singaporean multinational banking and financial services corporation, is launching its own crypto exchange

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