Recently, a major financial services provider SBI Holdings announced that SBI Ripple Asia is now officially registered as provider of electronic payments. As reported, the registration process was completed in accordance with Law No. 2 of Finance Bureau of Kanto region, the Agency for electronic settlement, no.2.

In the announcement, the holding company said that only companies registered in the Financial Bureau, can run electronic payment Agency in Japan. The announcement also reminded that this law came into force after 1 June 2018 for the revision of several banking laws.

Thanks to this registration, the application for smartphones SBI Ripple Asia called MoneyTap absolutely will get the green light to launch. MoneyTap works based on the technology of XRP from the Ripple Ledger. According to the official product description, the app is aimed at creating an environment that will allow you to quickly, safely and conveniently transfer money. In addition, recently the holding company confirmed that MoneyTap will be launched this fall.

SBI Ripple Asia will provide users with relevant information in addition to registration of operators of electronic payment agencies to ensure that the business of e-payment agencies that are related to MoneyTap will be duly implemented in the future. We strive to create safe and convenient to use app, and thanks to the cashless settlement we will be able to develop new industries, reduce social costs and increase productivity, – stated in the announcement.

SBI Ripple Asia is part of a large Japanese banking consortium, which owns more than 80% of all banking assets in Japan. According to the official report, all members of the consortium will be able to integrate with MoneyTap.

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