The joint venture which was established between SBI Holdings and Ripple is now a step closer to launching a blockchain-based payments app for consumers.
This blockchain news is everywhere in the crypto world after the announcement put SBI Ripple as a registered and licensed agent for handling electronic payments with the Kantou bureau of Japan’s Ministry of Finance.
The move also cleared out the hurdles from the path that SBI Ripple Asia is planning to take when rolling out its MoneyTap payments app which is meant to facilitate peer-to-peer money transfer for retail users over a DLT network.
As the Financial Services Agency (FSA) of Japan noted, “any entity wanting to operate as an agent to handle electronic payments using banks’ open APIs must be registered with local finance bureaus.”
SBI Ripple Asia, on the other hand, explained that as MoneyTap uses blockchain as the underlying technology that connects with open APIs among participating domestic financial institutions, it is seen as a third-party transaction agent under this regulatory category.
Meanwhile, we previously reported that SBI Ripple Asia is a joint venture that plans to launch a blockchain-based payments app for Japanese consumers across three domestic banks – and potentially expand to more than 60 financial institutions.
As the CEO of SBI Ripple Asia last month stated, the company is now looking to officially roll out the service in the autumn, together with rolling out an application in the iOS and Android market respectively.
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