SBI Ripple Asia Granted Payment License For Blockchain Based App By Japanese Regulator

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SBI Ripple Asia Granted Payment License For Blockchain Based App By Japanese Regulator

Posted on September 26th, 2018 in Altcoin,Around the World by Ryan Warner

In a statement, Wednesday, September 26, financial services company SBI Holdings announced it had acquired a license from Japanese regulators for its joint money transfer operation with Ripple.

SBI Ripple Asia is a venture under development between SBI Holdings and Ripple since 2017. It can now handle electronic payments as an "Electronic Settlement Agency Service Provider," under new legislation from March 2018.

MoneyTap, SBI's smartphone app, is closer to launch and allows a user to send payments using a platform based on Distributed Ledger Technology. The statement says:

“SBI Ripple Asia is planning to register the electronic settlement and other settlement enterprises in order to properly implement electronic payments and other settlement aspects related to MoneyTap in the future.”

SBI Holdings launched its own exchange with XRP as the first asset in June. SBI Holdings announced they would be running a trial with "S Coin," for users to make retail purchases with their smartphones earlier this week.