With the recent registration of SBI Ripple Asia as a substitute agent for electronic payments in Japan, the Ripple-SBI Holdings subsidiary is now entitled to quite a few perks including the potential release of Ripple’s finance app, MoneyTap.
By registering under the Act No. 2 of the Kanto Local Finance Bureau, Electronic Settlement Agency No. 2, the firm will be allowed to run an electronic payments agency in the country, by which the said agency will be allowed to undertake bank-to-bank order transfers on behalf of the customer.
Furthermore, this also waves a green flag to SBI Ripple Asia’s smartphone app ‘MoneyTap’, which aims to serve as a platform for quick and safe money transfer among users by means of the Distributed Ledger Technology (DLT) developed by Ripple.
In the firm’s own words,
“SBI Ripple Asia will provide appropriate information to users in addition to the registration of electronic payment agency operators in order to ensure that the electronic payment agency business pertaining to “MoneyTap” will be properly implemented in the future.
Appropriate implementation of the contract and the disclosure obligations of the participating banks. We strive to achieve a safe and easy-to-use, non-friction settlement, and through cashless, we will develop new industries and reduce social costs and increase productivity.”
Meanwhile, it is of interest that the Japan Banking Consortium, owning over 80% of the banking assets in the nation, is headed by SBI Ripple Asia. Owing to this strategic stronghold possessed by the latter, it is highly probable that the recent turn of events will cause major ‘ripples’ in the Japanese financial sector.
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