SBI Holding’s Money Tap Announces Agreement Amongst 13 Banks To Accept Investments

SBI’s MoneyTap Announces Agreements Among 13 Banks To Accept Investments

SBI Holdings launched a new app called Money Tap Co. Ltd, otherwise known simply as Money Tap, as a way for smartphones to transfer money. The entire program is built on distributed ledger technology that sends transactions quickly and helps to expand cash flow for smartphones, banks, and general users. On March 28th, the company announced 13 banks that would be accepting investors. This addition makes it possible to transfer money between individuals directly, and also between banks.

According to an article by CoinPost, which is a media publication in Japanese, the goal of this app is to use DLT to promote better cash flow in the industry. With the new additions, the companies that presently are prepared for Money Tap investments include Atago Bank, Kiraboshi Bank, Keiyo Bank, San-in Joint Bank, Shiga Bank, Shimizu Bank, Shinsei Bank, Suminobu SBI Net Bank, Suruga Bank, Seven Bank, Hiroshima Bank, Fukui Bank, and Hokuriku Bank.

Japan’s Seven Bank, which is under the Seven & SBI Holdings distribution company, announced the installation of over 25,000 ATMs, and they could easily be installed in 7-Eleven stores around the country. The company also operates ATMs in the US and Indonesia.

The blog from SBI states that, along with the participating in the “domestic and foreign exchange consolidation consortium (* 2),” the company plans to bring in other institutions as well, but as shareholders. They plan to collaborate for the sake of offering financial services that are meant to benefit the client while bringing in major liquidity. Furthermore, this addition furthers their mission to help with the innovation of various industries and fewer costs associated with this type of service.

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