SBI Ripple Asia Initiates “Demonstration Test” of XRP-backed Money Tap App

SBI Ripple Asia, a subsidiary of Japanese financial services giant SBI Holdings has launched a “demonstration test” for a store settlement service. The service is part of a venture between SBI Holdings and Ripple’s-consumer centric XRP-backed payments application, MoneyTap. SBI Holdings shared the announcement on May 30.

Launched last year in October, Money Tap uses Ripple’s payment processing solution xCurrent to assist with the bank to bank remittance services seamlessly.

With the demo test, the developers are offered a customer experience (UX), which assists them in fabricating changes accordingly ahead of the launch scheduled for early next year.

SBI further revealed the leveraging of QR code technology using smartphone would be first conducted at a restaurant in Roppongi 1-chome Izumi Garden Tower.

In order to expedite the Money Tap business, SBI Holdings confirmed that the application was formed with SBI Group co-funding the project with 13 regional banks.

“The SBI Group will continue to encourage local banks and other financial institutions to participate in management as a shareholder of Moneytap, and will actively strive to expand sales of the service, creating a new local industry through cashlessization. Will contribute to the development of society and to the reduction of social costs.”

Back in October 2018, MoneyTap was awarded a license from Japanese regulators to operate as an “Electronic Settlement Agency Provider”.

In April 2019, Resona, one of the three Japan-based banks working alongside SBI and Ripple on the development of the app, decided to pull out from the project. However, the decisions for pulling out were not provided.

Earlier in March 2019, SBI Holdings announced its establishment of a new subsidiary to manufacture crypto mining chips and systems. The new venture titled “SBI Mining Chip Co.” (SBIMC) is a part of SBI’s on digital asset related business. SBIMC will be carrying out the development of cryptocurrency mining chips in partnership with an anonymous large semiconductor enterprise in the US.