Ripple to back SBI Holdings partnership with investment

The fintech startup Ripple is investing an undisclosed amount in the SBI Holdings subsidiary — the operator of the MoneyTap payments app built on RippleNet. The group said this in a пресс-релизе.

The American startup and SBI Holdings formed a partnership in 2016, creating SBI Ripple Asia.

In 2018, SBI Holdings launched a mobile payments app based on Ripple technology. In the same year, MoneyTap began to be used by several Japanese banks.

The app allows consumers to make payments using a bank account, a phone number, or a QR code.

The operator MoneyTap aims to build a financial ecosystem around it, seeking to reduce interbank transaction costs.

“Interbank transfer fees in Japan have remained high and unchanged for more than 40 years, which is unusual by international standards,” the statement said.

MoneyTap aims to accelerate the rollout of new services within the app with Ripple’s investment, including the corporate payments feature, cross-border transfers, supply-chain financing, and other options.

Earlier, Ripple threatened to leave the United States due to excessive regulation of the cryptocurrency industry in the country.

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