SBI Holdings’ MoneyTap now welcomes Daiwa Securities Group Inc. and Sumitomo Mitsui Trust Bank as its shareholders, bringing the total ally of financial institutions to 30.
Established in March, this smartphone application is powered by the blockchain technology of Ripple that allows customers of the bank consortium to settle transactions instantly, 24 hours a day, seven days a week.
Back in 2018, when the idea was first introduced, Ripple stated that MoneyTap will be the “first mobile app of its kind to be developed and used by multiple, different banks in the country.” Planned to start with just three members of the Japan bank consortium, SBI Net Sumishin Bank, Suruga Bank, and Resona Bank, this number surged 10x in a few months.
The list of partner banks include:
SBI Holdings, Keiyo Bank, Ashikaga Bank, Awa Bank, Atago Bank, Kita Nippon Bank, Kiraboshi Bank, Gunma Bank, Sanin Joint Bank, Shiga Bank, Shimane Bank, Shimizu Bank, Shinsei Bank, Sumishin SBI Net Bank, Suruga Bank , Seven Bank, Sendai Bank, Third Bank, Chiku Bank, Toho Bank, Towa Bank, Tochigi Bank, Hiroshima Bank, Fukui Bank, Fukuoka Chuo Bank, Fukushima Bank, Hokuriku Bank, Michinoku Bank, Sumitomo Mitsui Trust Bank, Daiwa Securities Group Head office, one other bank.
The Japan consortium, led by SBI Ripple Asia is comprised of 61 banks that cover over 80% of all banking assets in Japan.
The idea has been that MoneyTap will provide on-demand payments to the vast majority of the country through this consortium.