SBI Ripple Asia, a joint venture between SBI Holdings and Ripple has won a payments license to launch its blockchain based payments app for clients. SBI Ripple Asia is a next-generation payment platform powered by Distributed Ledger Technology to financial organizations and remittance transfer providers in Asia.
Headquartered in Tokyo, Japan, the payment platform has moved a step closer in launching their Money Tap App that is scheduled for the release. The firm made an announcement of getting a payment license that will allow the Money Tap Application to operate as an electronic form of payment in the country.
The announcement, states the following:
SBI Ripple Asia Co., Ltd. today completed registration as a substitute agent for electronic settlement etc. on September 26, 2018 (Act No. 2 of the Kanto Local Finance Bureau, Electronic Settlement Agency No. 2). We will let you know as it has been done.
According to Japan’s Financial Services Agency (FSA), any entity wanting to operate as an agent to handle electronic payments using banks’ open APIs must be registered with local finance bureaus. This legal requirement became effective as of June 1 this year, the FSA said in an announcement in May, reported Coindesk.
SBI RIPPLE ASIA AND S COIN
The firm will also start the demonstration experiment of “S coin”. It is a settlement coin that enables charge and settlement on a smartphone. In this experiment, for SBI group employees, SBI Ripple Asia will create a protocol that enables cashless settlement at “eating and drinking establishments” in Roppongi 1-chome Izumi Garden Tower where SBIH resides, “Stamp Certification”.
S Coin Platform is the platform for cryptocurrencies created by SBI holdings. By using this platform users can design and publish their own cryptocurrency according to their application, such as electronic money of prepaid payment.
The payment platform is also planning to register the electronic substitution and other substitute enterprises to swiftly implement the electronic payment and other substitute business related to Money Tap. In this, the firm will focus on providing proper data to clients. This will also include things like fulfilling the agreement concluding / publication obligation with the participating banks properly, realizing safe and easy-to-use frictionless (frictionless) settlement by using cashless development and promoting new companies and improving productivity to reduce social costs.
The announcement further stated that
Only after receiving enrollment from the Treasury Department after the enforcement of the “Law to reform part of the banking law, etc.” on 1 June this year, it is now possible to conduct new businesses such as electronic payment in Japan . Electronic settlement, etc.
The aim is to use open API to “gather data such as the balance and usage history of the client’s bank account from the bank and give it to the depositor. The report further explained that the Money Tap connects to the next generation financial network using the Distributed Ledger Technology (DLT) at the “Internal and external exchange centralized consortium to create an environment that enables consumers to remit money quickly, safely and comfortably.
A few days ago, Ripple, a real-time gross settlement system, currency exchange, and network rose more than 78% percent to a high of 77 cents, bringing its gains to almost 183%. Its market capitalization was increased to almost $27 billion, to become the world’s second most valuable cryptocurrency after Bitcoin.
Ripple is based around a shared public ledger, the XRP Ledger, which utilizes a consensus process that enables for payments, exchanges, and remittance in a distributed method. The network can work without the Ripple company; among its validators are companies, internet service providers. The ledger implements the decentralized native cryptocurrency called as XRP. Ripple has explained its xRapid product as using XRP as “bridge” between currencies, which authorities say enables payment providers and banks to process faster cross-border transactions.
In October 2016, the SBI Ripple Asia had established “Japan Bank Consortium” with banks in Japan. As of 2018, more than 61 banks are participating in this consortium. This consortium is creating and commercializing RC Cloud, the world’s first and Japan-originated new payment platform which merges domestic and foreign exchange using Ripple’s solution. With this platform, seamless settlements and payments are expected with banks and beyond.