Ripple-based MoneyTap has again gotten another investment, this time from Japan’s second largest bank, Sumitomo Mitsui Banking Corporation (SMBC).
The bank, according to available report, is investing in MoneyTap through its other partner, SBI Holding, which is also a key player in the development and adoption of MoneyTap blockchain financial solution.
As well, Sumitomo is investing an undisclosed amount in R3’s Corda, where SBI Holdings also has upper hand as a tangible investor.
Sumitomo Mitsui Banking Corporation is a strong partner of SBI Holdings and referenced as the second-largest banking institution in Japan.
The corporation is investing in companies owned by SBI to increase the adoption of distributed ledger technology in industries like trade finance and remittance.
Already Fukushima Bank and some other big banks have invested a huge amount in MoneyTap.
Sumitomo Mitsui Banking Corporation Part of SBI Ripple Asia Since 2017
Since 2017, SMBC joined SBI Ripple Asia, a consortium of banks working on the adoption of Ripple’s remittance solution and behind the development of MoneyTap.
The consortium of banks had 47 banks a few months after launch. Banks owning more than 80 percent of Japanese banking assets are already in the consortium.
SBI and Sumishin Own Largest Internet-only Bank in Japan
Both SBI Holdings and Sumishin own SBI Sumishin Net Bank, the number 1 internet-only bank in the whole of Japan. SBI Sumishin Net Bank, is owned on a fifty-fifty basis by the two corporations.
The internet bank is already planning to go public and become the Japan’s maiden listed internet-only bank with no physical branches, a report has also stated.
The listing, according to the source, will help increase SBI Sumishin’s recognition and return.
The internet bank founded in 2007, is now worth $ 109 million USD (¥ 11.9 billion) as published in March 2019. This shows it has increased in net worth by around 14.6 percent from 2018.
Loans offered to users of the bank have gone past $ 50 billion USD (¥5.5 trillion) as of November 2019.