Japanese financial service giant SBI Holdings has signed a memorandum of understanding with US-based PFM provider Moven to form a joint venture, in which SBI Holdings will invest in Moven’s business.
Moven is a technology firm which develops smart spending, saving, and budgeting apps using data science and also behavioral psychology. Moven was initially developed as a challenger bank in the US and now has several clients all around the globe including the Toronto-Dominion Bank of Canada and Westpac Banking Corporation in New Zealand.
As per the signed memorandum of understanding, SBI Holdings will offer Moven’s technology to domestic and overseas financial institutions.
XRP exclusivity
This announcement comes a day after SBI Holdings released its digital asset exchange, SBI Virtual Currencies. During the initial launch period of the exchange, XRP will be the only digital asset.
Moven also has old ties with Ripple, as in 2014, Moven’s sponsor firm CBW Bank had integrated Ripple’s protocol as its transformational money transfer protocol.
SBI VC is also planning to join Ripple’s xRapid ecosystem. This will enable the firm to source liquidity for cross-border payments between Japan and other countries.
SBI VC will provide a seamless conversion experience to money moving in and out of Japan i.e. JPY to XRP and vice versa.
“Today’s decision to make XRP the primary digital asset of SBI Virtual Currencies shows the utility, efficiency, and scalability respected financial institutions around the world see in XRP. This is a critical step forward in our mission to build XRP liquidity and build an Internet of Value,” said Patrick Griffin, Ripple’s senior vice president of business development.
Dominating the Asian crypto space
SBI Holdings is already promoting the development of a new financial ecosystem, and by partnering with Moven, it is focusing on mobile-based financial applications.
With the launch of SBI VC and the partnership with Moven, SBI Holdings is looking to dominate the blockchain-based financial service sector in the Asian market.
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