29 October 2020 14:05, UTC

Denis Goncharenko

Ripple and SBI Holdings are long-term partners. They founded the SBI Ripple Asia joint venture in 2016. Currently, Ripple is investing again, this time in SBI Holdings’ subsidiary, MoneyTap. The collaboration became known due to the creation of the MoneyTap application, which uses Ripple blockchain technology to process international payments quickly and cheaply.

Using MoneyTap, it is possible to make and confirm payments in near real time by simply scanning a QR code. The app was released in October 2018 with financial support from SBI Holdings, Japanese leading banking consortium.

More recently, Japan’s second largest bank, Sumitomo Mitsui Banking Corporation (SMBC), also invested in the app. With the additional provision of new financial resources, the development and adoption of new features should progress significantly faster. The application is aimed at convincing financial players of the benefits of new technologies and using them in their business.

Image by Ledger Insights

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