Rajarshi Mitra
Independent Analyst
- SBI launched MoneyTap, a mobile money transfer app back in October.
- SBI Holdings is one of the largest banks actively involved in cryptocurrency.
Banking giant SBI Holdings recently announced that it will be using XRP to power remittances from Japan to Southeast Asia. A new report relating to the company’s performance and strategy was recently released. According to this report, SBI’s remittance platform, called SBI Remit, will be using Ripple’s XRP-powered xRapid, which is now known as On-Demand Liquidity (ODL).
SBI Remit makes use of MoneyGram’s payments network. Earlier in June, MoneyGram collaborated with Ripple and it is currently utilizing ODL to transfer dollars into Mexico using XRP as a bridge currency. The report also states that SBI Ripple Asia, another subsidiary of SBI Holdings, will carry out nearly half of Ripple’s global payments network.
In October, SBI also launched MoneyTap, a mobile money transfer app that uses Ripple’s technology. The app allows users to send funds using phone numbers or QR codes. The app is available on both iOS and Android platforms. SBI is focused on employing dozens of Japanese banks on board. At present, the app works with members of two domestic financial institutions: SBI Sumishin Net Bank and Suruga Bank.
SBI Holdings, a long time Ripple partner, is one of the largest banks involved in cryptocurrency. Recently, the company launched crypto trading on its bank-owned crypto exchange VCTRADE. It also invested in Rippleback in 2016.
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