SBI Ripple Asia receives license for MoneyTap – Positive Signal for XRP?

SBI Ripple Asia receives license for MoneyTap – Positive Signal for XRP?

Home News SBI Ripple Asia receives license for MoneyTap – Positive Signal for XRP?

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Marcus Misiak –
28.09.2018

26. September has registered SBI Ripple Asia successfully with the Japanese financial Supervisory authority, the Financial Services Agency (FSA) and a license for the processing of electronic payments by means of the application “MoneyTap”, which will use the technology of Ripple.

Between the Ripple and the SBI Group, there is close cooperation. SBI and Ripple have already been founded in the November of 2016, the Joint Venture SBI Ripple Asia. Originally, the consortium was founded by 42 banks, in order to develop a common Blockchain solution for payments within Japan. In the meantime, the consortium has grown to 61 banks, which took more than 80 percent of total banking assets in Japan club.

Already at the beginning of March SBI Ripple Asia had announced that it will develop a Smartphone App with the name “MoneyTap”, which is based on the Blockchain technology of Ripple.

The now by the Japanese regulatory authority granted a license to SBI Ripple Asia was necessary because Japan in the course of the year, the rules for Fintech and electronic payment technology-intensified enterprises and new laws introduced that require the approval of the FSA.

The FSA has issued SBI Ripple Asia a license to digital payments as the official “Electronic Settlement Agency Service Provider”, to handle and transfer. Thus, the Joint Venture has taken a major hurdle on the way to the introduction of MoneyTap.

The Ripples technology-powered mobile App “MoneyTap” will allow On-Demand domestic payments in Japan, which are immediately processed and only a fraction of the traditional transaction fees.

According to Ripple MoneyTap to be initially rolled out to three members of the Japanese consortium of banks: SBI Sumishin Net Bank, Suruga Bank, and Resona Bank, before the Rest of the consortium will take the App into operation.

Is XRP benefit?

Although MonyTap will initially focus on xCurrent, the Ripple-product, which is not the XRP-Token is used. A notice, whether or not the App is the extra step for the Integration of the XRP-driven product xRapid of Ripple enterprises, does not yet exist. However, it is not a secret, the SBI Group is a big supporter of Ripple and its technology.

In addition, there are positive signs for the adaptation of XRP. Already in March the South Korean Woori Bank and Shinhan Bank, conducted a pilot test to cross-border payments between banks in the consortium of SBI Ripple handle Asia. At the beginning of this year, Woori Bank has indicated a full Integration of XRP by the end of 2018.

The Status of SBI Ripple as a Service Provider could increase the likelihood that large commercial banks from the consortium to work together more actively with the organization in order to accelerate the Integration of XRP.

At the Money 20/20 conference, the CEO of Ripple garlinghouse also said that he assumes that at least one Bank, XRP productive until the end of the year.

In addition, recent rate is attributed to the increase of XRP on the one hand, the announcement that Ripple xRapid will be in the next few weeks, officially, for the real operation, on the other hand, the increasing demand from the Japanese crypto-currency market.

In this respect, it is not unlikely that the expectations could contribute to the adaptation of XRP by the 61 members of the consortium of banks and two of the largest commercial banks in South Korea, Woori Bank and Shinhan Bank, a new XRP price rally.