- Japanese Financial Institutions Embrace Ripple’s MoneyTap with More Institutions Joining Everyday
- SBI Ripple has Become the Backbone of Ripple in Asia
Ripple News Today – Ripple has been making a lot of waves in Asia as more financial companies are joining the list of the companies promoters and users. Recently, the 37th financial institution in Japan, Miyazaki Bank has joined MoneyTap, the Ripple-based FinTech app. The MoneyTap app works with Ripple‘s xCurrent technology. So, it doesn’t use the XRP token. Still, MoneyTap has led to a lot of exposure for Ripple. This, in turn, will lead to exposure for XRP.
Ripple News Today – Miyazaki Bank Joins the RippleNet Network as it Starts Using MoneyTap
Miyazaki Bank isn’t just using MoneyTap, the company has also become a shareholder of MoneyTap. Two years ago, MoneyTap was released as a mobile app for iOS and Android devices. It was the product of a partnership between SBI and Ripple with SBI controlling 60% of MoneyTap and Ripple controlling 40%. Miyazaki Bank shared a press release breaking the news to the public. Part of the press release was as follows;
“Based on its management philosophy of “co-existence and co-prosperity with local communities”, The Miyazaki Bank will continue to engage in community-based financing that contributes to the revitalization of the local economy, and will actively promote the smooth supply of funds and support for the expansion of customers’ business performance and business revitalization.”
MoneyTap, just like every other Ripple product, promotes cross-border and domestic payments in Japan. The app is especially important in Japan since bank transfers are limited. MoneyTap, on the other hand, is accessible to everyone at any time of the day. The transfer on the app is quicker and cheaper than traditional methods and it is linked to an individual’s bank account number. The transfer can also be initiated through QR codes. It cuts out bank and ATM fees. All transfers are completely free.
Ripple News Today – SBI Ripple has Become the Backbone of Ripple in Asia
SBI Holdings has become Ripple’s backbone in Japan. They partnered with Ripple because both companies share a common goal. Right now, the company is working on expanding the horizon of their products to make sure that they include peer-to-peer transfers and prepaid fees. In several occasions, SBI has either initiated or implemented Ripple-based projects in Asia. SBI’s CEO, Yoshitaka Kitao, is a member of Ripple’s board of directors.
Kitao works hand in hand with Ripple‘s executives and their joint venture is made up of 61 Japanese banks. They cover more than 80% of banking assets in the country. Last year, SBI Holdings announced that they are planning to capture at least 50% of all RippleNet transactions. This will be possible when Ripple on demand liquidity reaches mass adoption in Southeast Asia.