SBI Holdings Inc., a Japan-based company that is aiming to improve the payment infrastructure in Japan, recently announced that they will be establishing a subsidiary, Money Tap Ltd., to increase promotion of the MoneyTap application. The subsidiary was set up on March 19, 2019, in Tokyo, and it was decided that Katsumi Kawashima will be the president and representative director of the subsidiary. The establishment has been granted ¥100 million as capital during the time of establishment, which might be increased in the future.
SBI Group’s website elaborated:
“The newly established Money Tap will evolve its domestic and foreign exchange consolidation consortium developmentally and take over its role, as well as for banks and general users to drive the rapidly expanding cashless flow. Plan to provide service more quickly.”
Moreover, the blog also stated that SBI Group has started to offer MoneyTap application for smartphones, which is based on distributed ledger technology and enables users to transfer money to others and banks, in real-time. The fact that it is powered by DLT facilitates a quick, safe, and comfortable money transfer in a country where transactions can only occur on weekdays between 8:30 am and 3:30 pm., with heavy delay otherwise. The app also enables 24/7 payments which means that the customers of the Japan Banking Consortium, holds over 80% of all the banking assets in the country, a way to transfer value with ease.
MoneyTap’s launch will be focussing on reducing the significant wait times by getting rid of archaic transfer methods. MoneyTap also allows users to make transfers to bank accounts, phone numbers as well as QR codes attached to accounts.
The blog also elaborated:
“Money Tap will further accelerate innovation by further promoting the introduction of new technologies, etc. with the full cooperation of Ripple in the United States, and in addition to participating in the foreign exchange consolidation consortium, other financial institutions.”