SBI Ripple Asia Receives Payments License from Japanese Regulator for MoneyTap App

Yesterday, on September 26, SBI holdings, which is a major provider of financial services, announced that SBI Ripple Asia is now officially registered as a substitute agent for electronic payments. The process of registration reportedly was completed under the Act No. 2 of the Kanto Local Finance Bureau, Electronic Settlement Agency No. 2.

The announcement clarified that solely the companies that are registered with the Finance Bureau will be able to “run an electronic payment agency in Japan”. It also quoted that this law came into force after the Act was passed in Japan on June 1, 2018, which aims at revising several banking laws.      

Due to the recent development SBI Ripple Asia’s smartphone application called MoneyTap will get an obvious green light into the market.  MoneyTap is a “bridge to the next-generation financial infrastructure” which is powered by Ripple’s Distributed Ledger Technology. According to the official product description, the app aims to create an environment which will allow quick, safe and comfortable transfer of money between individuals.

The official announcement by the company concluded by stating: “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 is 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”.

SBI Ripple Asia is part of a major Japan Banking Consortium that holds more than 80% of all the banking assets in Japan. According to the official message, all the members of consortium will be able to integrate with MoneyTap.

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