Ehime Bank of Japan implemtents Ripple’s remittance platform MoneyTap

  • The Ehime Bank in Japan is implementing MoneyTap, a transfer platform developed by Ripple and SBI Holding.
  • The platform was connected to Ehime via the Himegin App.

In a press release by SBI Holding it was announced that the Ehime Bank of Japan will launch the Himegin app. The app will be connected to the MoneyTap transfer platform developed by Ripple. Ehime Bank has been operating in Japan for 77 years and will support the introduction of the new technology into the financial sector together with SBI Neo Financial Services, a subsidiary of SBI Holding.

MoneyTap has been developed by Ripple in cooperation with SBI Holding. The application uses Ripple’s Distributed Ledger technology to allow its users to send money using a QR code generated by their phones. Although it uses DL technology, the application does not yet use Ripple’s token (XRP). Recently, MoneyTap also received an investment from the Japanese bank Fukushima and other banks that will start using the application.

Ripple and SBI Holdings drive financial technology development

According to the statement, the Himegin app will allow users to check their account balance and make deposits as well as withdrawals from their account. In addition, users of the application will be able to access retirement plans, debt balances such as mortgages and loan payment schedules. Hence, according to SBI, users will have access to more extensive information about their transactions anytime they need it. The release adds:

(…) through seamless cooperation with the Money Remittance Service, a small-amount remittance service, we have realized a customer experience that enables smooth remittances, free of charge, 24 hours a day, 365 days a year. We will continue to support the enhancement of Ehime Bank’s digital channels through the expansion of the Himegin App.

SBI also committed itself to continue promoting the digitization of financial services in the region. Therefore, the press release states that they will continue to promote open innovation in financial technology. SBI Holding is part of a consortium of banks that form SBI Ripple Asia. The consortium was formed to promote and drive the adoption of Ripple technology throughout the Asian region. The company consists of 47 banks, which own 80% of the country’s banking assets in Japan.

As reported by CNF, at the end of January this year MoneyTap received an investment from Japan’s second largest bank, Sumitomo Mitsui Banking Corporation. This investment allowed the bank to join the largest internet banking network in that country.

At the time of writing, the XRP’s price was at $0.182 and recorded a loss of 4.56% loss in the last 24 hours.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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