Money Tap Co. Ltd, the company behind the remittance mobile app powered by Ripple’s blockchain technology, Money Tap, has been handed a boost with colossal investments from 13 regional banks.
According to an announcement aired on 28 March, SBI Holdings Inc declared that it will be accepting investment 13 banks which showed interest in venturing fund into the providers of next-generation financial infrastructure, Money Tap Co. Ltd. Money Tap mobile application allows seamless transfer of money from banks to banks as well as within individuals through smart phones.
According to SBI Holding, the 13 banks which will be investing in Money Tap includes: Ehime Bank, Kiraboshi Bank, Keiyo Bank, Sanin Joint Bank, Shiga Bank, Shimizu Bank, Shinsei Bank, Sumishin SBI Net Bank, Suruga Bank, Hiroshima Bank, Fukui Bank, Hokuriku Bank and Seven Bank.
Seven Bank is a top class bank in Japan. Lately, Seven Banks announced the installation of 25,000+ ATMs for use across the nation. Seven Bank is a financial institution under the fraternity of Seven & i Holdings.
Money Tap Co. Ltd in an acknowledgment statement aired that since the API connection support service “Fintech Platform” created by the SBI group would be used to handle the Money Tap application, it will be supporting the introduction of the service by financial institutions.
Money Tap Co. Ltd added that while it will be participating in the domestic and foreign exchange consolidation consortium, the new financial institutions joining the group will also take part in the management process as shareholders.
About Money Tap
SBI Net Sumishin Bank, Suruga Bank and Resona Bank who are member of the Japan bank consortium were the first institutions to use the Money Tap application in 2018.
The Japan bank consortium is led by SBI Ripple Asia, and it consist of 61 banks with 80% coverage of all banking assets in Japan.
While the latest development served as a leapfrog for the Ripple powered remittance application, Money Tap, the Japan bank consortium was sure a great starting premise for the application, thanks to SBI Ripple Asia.
