Ripple continues to expand its territories, and now, it has made a significant step. The Japanese Fintech giant and Ripple’s partner, SBI Holdings has obtained regulatory green chit to start its payment application that’s powered by blockchain, MoneyTap.
In an official statement, the company said it got registered successfully with Kantou bureau, Finance Ministry of Japan. As of this publication, the registration had been completed under the Act No. 2. In other words, SBI Ripple Asia Co., Ltd. is registered as a surrogate agent for electronic payments.
Be it as it may, businesses that have registered with the Finance Bureau will be given the green light to operate electronic payments in Japan. The policy comes after an Act was passed in Japan back in June to revise few banking laws.
MoneyTap App concept was initiated in March 2018 by SBI Holdings. Still, the app had to be cleared by the regulatory authorities because the platform uses distributed ledger technology, Ripple blockchain to be specific, to authorize the app to perform transactions.
GlobalCoinReport reported a report earlier saying MoneyTap is a project introduced by SBI Asia. The ultimate goal of the app is to service the Japanese growing on-demand payment settlements with around the clock, 24/7, service. It is because availability happens to be a significant issue affecting local businesses.
At the moment local banks operate from 8:30 day time till 3:30 afternoon on weekdays. The primary app client will be JBC (Japan Bank Consortium), an organization that boasts 61 local banks including SBI. As the year ends, the application will more likely be up and running with Resona Bank, SBI Net Sumishin Bank, and Suruga Bank as the initial clients.
The Implication of the New Abilities
The new act states that agencies will have the ability to utilize Information Technology utilities. For example, the API (Application Program Interface) will be used to obtain customer balance, usage balances and other data then provide it to depositors.
Agencies too will have the ability to provide services like a transfer for orders from one bak to another on behalf of depositors.
What Does the Move Mean for Ripple-powered MoneyTap App
The move clears the way for SBI Ripple Asia Co’s smartphone app. This is a positive move to bridge the gap to the next gen financial infrastructure powered by Ripple DLT. The application will create a system that will facilitate quick, safe and comfortable money transfer among individuals.
As of now, SBI Ripple Asia Co., Ltd. is the leading Japan Banking Consortium and holds more than 80% of all banking assets in Japan.
According to the company, SBI Ripple Asia will provide factual information to subscribers in addition to the registration of electronic payment agency operators. That is to ensure the electronic payment agency business involving MoneyTap is executed well in the future.
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