Japanese banks set to release Ripple powered MoneyTap app

Japanese financial services giant, SBI Holdings, is gearing up to launch a Ripple powered mobile payments application called MoneyTap

In a tweet, Takashi Okita, CEO of SBI Ripple Asia shared a web page with further details. The exact launch date is not yet known, but according to the site iOS and Android versions should be available in the autumn.

Japan Bank Consortium

Earlier this year, SBI Ripple Asia, a joint venture between SBI and Ripple, announced that it was heading up the Japan Bank Consortium. This is comprised of 61 banks covering more than 80% of all banking assets in Japan and together they will release MoneyTap, allowing customers to settle transactions instantly, 24 hours a day, seven days a week.

MoneyTap is pitched as the first mobile app of its kind to be developed and used by multiple, different banks in the country. Three members of the aforementioned consortium, SBI Net Sumishin Bank, Suruga Bank and Resona Bank, will be the first to go live during the autumn. This will be followed by a staggered roll-out to the rest of the consortium.

“We are proud to leverage Ripple’s blockchain technology MoneyTap to improve the payments infrastructure in Japan,” said Okita. “Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”

LastRoots

Last month, we reported that SBI Holdings had made an undisclosed investment in controversial cryptocurrency exchange LastRoots.

This followed an initial capital injection in December 2017, with the aim of helping the exchange enhance its internal business systems in order for it to become a licenced trading venue.

“SBI Group is expanding its contribution and partnerships with digital asset-related venture companies and will promote the creation of digital asset demand through investment in domestic and overseas venture companies that are engaged in the business of utilising digital assets and developing new products. We believe that it will contribute to the expansion and development of the digital asset industry/business in the future,” the company said in a press release.

In June, SBI launched Japan’s first bank-backed crypto exchange, called VCTRADE, via its subsidiary SBI Virtual Currencies. Further info on that here. Also this year, it has invested in Taiwan-based cryptocurrency hardware wallet maker CoolBitX and backed token exchange Templum’s $10 million funding round.

Little bit of controversy

The LastRoots move raised a fair few eyebrows as the venture was earlier this year given a business improvement order by the Japanese Financial Services Authority (FSA). SBI said that it will focus on business improvement, including risk management, for which it will provide its own staff to assist LastRoots.