Promoting MoneyTap App, SBI Holdings Establishes Separate Subsidiary
SBI Holdings is a major company in Japan that has been working to improve the landscape of payment. In doing so, they have launched Money Tap Ltd as a subsidiary, which is linked directly to the MoneyTap application in an effort to promote it.
Money Tap Ltd was originally set up in Tokyo on March 19th this week, assigning Katsumi Kawashima as the president and director. When it was established, the company was granted ¥100 million in capital, though this amount is meant to be increased over time.
SBI Group posted a blog on this new development, explaining that the subsidiary will “evolve its domestic and foreign exchange consolidation consortium developmentally.” It is also planned to be used for both banks and general users, improving the process of cashless transactions.
Hopefully, through these changes, it will also become easier to provide the fast service that most companies enjoy.
The blog continued, describing the expanding application and how the MoneyTap app can be used on smartphones. The app is based on a blockchain ledger, allowing for the transfer of money between users and banks almost instantly.
Considering that there are regulations that limit the times that transactions can occur, the use of DLT is extremely helpful to fast payment settlements. Instead of cutting off this activity at 3:30pm, it allows consumers to make payments around the clock without any difficulties.
Much of the goal of launching MoneyTap is that there will not be as substantial wait times, which have primarily been due to the use of traditional transfer methods. In the app, users can include their bank account, QR code, or phone numbers to make the transfer.
The company added that the use of Money Tap will help with the promotion of “the introduction of new technologies,” which they say will happen with the support of Ripple.