By
Chimamanda U. Martha
May 13th, 2024
SBI Holdings announced that the Ripple-based application MoneyTap will be integrated into Japanese ATMs. Based on MoneyTap, the ATMs are to be bank-independent so that customers can withdraw money from any ATM.
Japanese financial services company group Strategic Business Innovator Group known also as SBI Holdings and as a partner of Ripple announced its plans to use Ripple’s payment technology in order to make it easier for Japanese citizens to access ATMs.
In its latest yearly financial results report, SBI reported it is looking for solutions in order to assimilate its Ripple-powered agreements application MoneyTap with ATMs run by numerous banks across the country.
This step could make it easier for clients to admission their funds at any ATM, no matter what kind of bank affiliation that is. SBI also noted that the project could advance the bottom line for banks themselves by decreasing their operating costs.
From the company they said:
“Currently, each bank has an ATM with its own bank app, but with a common web app, the same ATM may be used as its own jointly operated multi-bank ATM.”
SBI also wants to bring MoneyTap to a banking consortium that’s led by SBI Ripple Asia. Right now, the consortium has 61 banks serving around 80% of all banking assets in Japan.
SBI Is Still Waiting for Official Approval to Use Solutions from Ripple
Back in September 2019, SBI Holdings president Yoshitaka Kitao was quoted for claiming that the application, completely licensed by Japanese regulators, would use Ripple solutions’ native cryptocurrency, XRP, in the future.
Still, the company must officially approve any plans to assimilate the digital asset directly into the app. MoneyTap was launched back in October of 2019 and enables people to send and receive money instantly by only using phone numbers or QR codes. The app is currently available on both iOS and Android.
Let’s also mention that during recent years, customer behavior and the demands for payments have evolved.
The needs for foreign exchange are also emerging with cross-border e-commerce and business widening of Japanese companies to Asia. As a result, SBI Ripple Asia is working on a new payment platform for financial institutions. The company configured “Japan Bank Consortium” with banks in Japan in October 2016. (61 banks are participating as of July 2017). This consortium is working on building and commercializing RC Cloud, the world’s first and Japan-originated new payment platform which brings together domestic and foreign exchange using Ripple’s solution. The company said that “with this platform, seamless settlements and payments are expected with banks and beyond.”
SFMG Taking a Stake in SBI
Just a few weeks ago, XRP was leading high market cap cryptocurrency for a while, having gained 9% over the last 24-hours. This was pretty much applied this to a partnership deal, which saw Japan’s second-largest bank, the Sumitomo Mitsui Financial Group (SMFG) take a stake in an SBI Holdings company.
Not only SBI Holdings are a major Ripple partner, but they are also Series C investors in the Silicone Valley tech giant. Not only is there speculation that the tie-up will see the utilization of XRP at some future point, but SBI Holdings has also today announced the option for shareholders to receive XRP benefit payments.
Also, allegedly there is a deal under which SMFG is buying a 20% stake in SBI Neo Mobile Services, the mobile phone brokerage unit of SBI Holdings.
The truth is, SMFG management realized that their company is lacking some more important online presence, and on the other hand, SBI intends to add face-to-face consultations to their product line up. With that, this move is hugely seen as mutually beneficial for both sides.
The wide-ranging capital partnership will mostly aim at producing a ¥100 billion ($930 million) fund in order to invest in companies that work with digital technology, including fintech, blockchain, and 5G networks.