SBI Holdings, a financial Japanese holding company, has recently decided to launch a new app for mobile devices (iOS and Android) that is powered by the distributed ledger technology of Ripple.
The chief executive officer of SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, Takashi Okita, has revealed that the new app will be called MoneyTap this week. While the product does not hate an exact launch date, it is indicated that it will be available in autumn both the customers of three domestic banks in Japan.
SBI Ripple Asia Has Revealed Project In March
It was first announced that these companies had a project back in March. There were supported by the Japan Banking Consortium and Ripple had the technical blockchain support for the enterprise.
At the time, SBI Ripple Asia affirmed that the service would be out first for customers of the SBI Net Sumishin Bank, Suruga Bank and the Resona Bank, which are three members of the Japanese consortium. After the project is effectively launched, the company hopes to expand the services to the other 61 members of the banking consortium.
The app will be used to let customers make domestic transactions whenever they need to by using their phone or by scanning QR codes, which eliminates some of the issues of traditional banking methods.
SBI Ripple Asia is actually not one of the first companies to make this type of app using Ripple’s technology. Santander has also recently launched a Ripple-based product that was aimed at cross-border foreign exchanges via consumers in Spain, the United Kingdom, Brazil and Poland back in April.