SBI Ripple Asia Announces Official Launch of MoneyTap Mobile App

Japanese SBI to Launch Ripple Based Mobile App

Japanese SBI to Launch Ripple Based Mobile App

CEO of SBI Ripple Asia, Takashi Okita posted a Tweet, on September 12, which featured the link to new website for the app.

The exact launch date for the mobile app is uncertain, but the site gave an estimated timeline for the release of both the iOS and Android versions for Autumn of 2018. The project is now supported by the Japan Bank Consortium (JBC), a collection of 61 Japanese banks members brought together by SBI Holdings and SBI Ripple Asia.

Notably the consortium is headed by the SBI Ripple Asia alliance which covers over 80% of all the banking assets in Japan. The three member banks were announced to be SBI Net Sumishin Bank, Resona Bank and Suruga Bank.

The platform is openly supportive of Ripple and XRP and plans to change the way remittance and payment is traditionally done in Japan.

Once it goes live, the application will allow Japanese customers to conduct domestic transactions round the clock. SBI is in the fore front promoting Ripple technologies across SE Asia and already have a partnership with SIAM bank of Thailand allowing Thais in diaspora to easily send money via RTXP any time of the day. In addition, the mobile app will eliminate "existing banking and ATM fees" that are now applied to domestic transfers in Japan, making transfers faster and cheaper for consumers.

The official message by Okita at the original launch of the product also stated: "together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers".

"We're proud to provide this production-ready technology that not only improves the worldwide payments experience, but also have applications for domestic payments infrastructure".