SBI Ripple Asia Is Looking to Obtain a Payment License for Its Money App

3 min read
Elite CurrenSea

Elite CurrenSea

Forex broker

The next-generation payment platform SBI Ripple Asia Co. LTD based in Tokyo, Japan moves with fast steps towards launching its Money Tap App.

SBI Ripple Asia CO. LTD, headquartered in Tokyo, recently revealed information about the firms’ Money Tap App, that is set to be launched this Fall. In a public announcement, the company revealed it is looking to obtain a payment license to give the company’s Money Tap App the authorization to operate as a digital form of payment in Japan.

In a translated version of the press release, SBI Ripple Asia elaborates:

“SBI Ripple Asia Co., Ltd. today completed registration as a substitute agent for electronic settlement etc. on September 26, 2018 (Act No. 2 of the Kanto Local Finance Bureau, Electronic Settlement Agency No. 2). We will let you know as it has been done.

Only after receiving enrollment from the Treasury Department after the enforcement of the “Law to reform part of the banking law, etc.” on 1 June this year, it is now possible to conduct new businesses such as electronic payment in Japan . Electronic settlement, etc. The substitution business is to utilize IT such as open API to “obtain information such as the balance and usage history of the depositor’s bank account from the bank and provide it to the depositor” or “depositor “Transfer orders from bank accounts of other bank accounts to other bank accounts to banks on behalf of depositors”, etc.”

The Money Tap App is powered by the Ripple’s Distributed Ledger and is aimed at creating an innovative payment network that could facilitate faster and secure transactions. The application will be released in Japan and experienced by three members of the SBI Consortium of Banks: SBI Net Sumishin Bank, Suruga Bank, and Resona Bank.

Ripple had a promising week after the company’s token price grew by over 80% in less than a day. At the time of writing, XRP is traded at $ 0.525489 and has a market cap of $ 20,951,714,923.

Author: Adriana Midrigan 

Elite CurrenSea


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