According to a report, Japan-based financial service firm, SBI Holdings, in an alliance with Ripple, is planning to reinforce remittance services through the digital asset XRP. The financial mammoth is eyeing the partnership to resolve several issues of which remittance stands prominent.

Yoshitaka Kitao, CEO of SBI and Ripple Board member made the statement at the FIN/SUM 2019 conference in Tokyo, Japan. A member of the XRP community, who goes by the name ‘Crypto Eri’ enunciated the company’s proposition of using the virtual currency for global payments and referred to the utilization of XRP by the company’s mobile money transfer app dubbed MoneyTap.

MoneyTap was introduced by Ripple and SBI last year and has attracted several partnerships with financial institutions since then. As of now, the payment application is used by 29 such banks.

In a tweet thread, Crypto Eri stated:

“He [Kitao] is saying, as a first-tier public company on Tokyo exchange (blue chip) XRP will be utilized in MoneyTap. Not all the banks in the consortium are strong in cross-border remittances but also, he announced Ripple will become a shareholder in MoneyTap.”

SBI is attempting to provide the services of the application to a consortium of 61 banks – led by SBI Ripple Asia. This is expected to cover 80% of the assets in Japan.

SBI has been a stern advocate of crypto and blockchain. Earlier this year, as reported by Bitcoin News, SBI Holdings disclosed a venture with R3 to further the adoption of enterprise-grade blockchain solutions. Moreover, the firm invested a sum of USD 15 million into blockchain smart card wallet producer Tangem around the same time. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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