SBI Holdings (HD) will soon accept an investment in Money Tap (Minato-ku, Tokyo), a subsidiary of the personal remittance business, from Ripple, a US company that develops an international remittance business using crypto assets (virtual currency). We will also welcome two officers.
Money Tap uses Ripple’s latest technology to enable remittances between individuals, both domestically and internationally. Do not use the existing money transfer system. We will build a system that enables efficient remittance at low cost and aim for early commercialization of services.
Regarding the acceptance of investment from Ripple, the timing and amount will be decided in the future. In accepting officers, we aim to introduce new technologies quickly and smoothly. Connect to Ripple’s system to centralize domestic and international money transfers.
Regarding the payment platform, Ripple’s blockchain (distributed ledger) technology has already been adopted.
Conventionally, personal remittances use the national bank data communication system (Zengin system) in Japan and the system of the Society for International Banking Communications (SWIFT) overseas. SBIHD aims to popularize low-cost services that do not go through these.
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