SBI & Ripple Closer to Mobile Payment Solution

American Tech company, Ripple Labs, in a joint venture with SBI Holdings, a financial, asset & biotech group based in Japan, moved another step closer to the launch of its blockchain-based mobile payment solution for clientele.

SBI Ripple Asia on Wednesday announced it had completed registration with the local Kantou bureau for licencing as an electronic-payments handling agent, and subsequently was successful in obtaining its operating licence from Japan’s Ministry of Finance. 

This opens-up the regulatory pathway for the SBI Ripple joint venture companies to roll out its much awaited MoneyTap payments application. The app focuses on facilitating peer-to-peer money transfers for users in a retail environment via a DLT network. 

According to an announcement published in May this year, Japan’s FSA (Financial Services Agency) states, all entities wanting to operate and provide services as a electronic-payments handling agent via bank open APIs must become legally registered with local finance bureaus. The law regulating such enrolment requirements went into effect on 1 June 2018. 

SBI Ripple expounded on the matter, saying, since MoneyTap utilises blockchain tech as its underlying basis, connecting via open API links between participative local finance houses, it became subject to this regulatory classification as a third-party transacting agent. 

During the first quarter of 2018, SBI Ripple revealed their plan for launching a blockchain-tech based payments app to Japanese consumers recognised by at least three domestic banking institutions, with plans already pipelined for further expansion with services covering another 60 banking institutions. 

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SBI Ripple Asia CEO, Takashi Okita, in his comments last month stated the company is currently looking at officially rolling out its service during Autumn, adding the application would become available to both Android and iOS devices. People looking to further increase their online entertainment variety will find sites such as Efirbet, to be excellent sources of information for online entertainment sources, offering an unsurpassed number of entertainment options and destinations from one convenient information hub. 

Prior to this news, a Tuesday report revealed the SBI Group to currently be in the process of conducting development tests to improve its own “S coin” a DLT-based crypto token, a technology focused on boosting efficiency in mobile retail payments. 

Ripple’s XRP wrote a new page in the annals of financial history for itself on Friday, when for the first time it dethroned Ether as the world’s second largest cryptocurrency. Ripple rose to a total valuation of $23 billion, to claim a position $400 million over that of ETH. The price of XRP, having increased by an astounding 64% over the previous two days, put the 7-day rally in excess of 113%. Market experts can find no immediate cause and have no suitable explanation for the sudden price rally from Ripple, at best the recent announcement of their impending November release of a blockchain tech app payment solution may have supplied the catalyst to elicit the reaction. 

The release of such blockchain-based app payment products certainly brings good tidings to online traders, online bookmakers, and their punters, as well as online casino patrons alike. The widespread incorporation and acceptance of cryptocurrencies vastly improve the scope of available online entertainment venues, with online entertainment destinations increasingly accepting cryptocurrencies and their resultant convenient payment methods much like the one Ripple is readying for release to the general public.

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