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Ripple Is Investing in a Banking Giant’s Remittance Platform – Is XRP Involved?

Ripple is investing in SBI Holdings’ settlements platform Money Tap.

SBI Holdings announced the investment in a new press release. The announcement describes the benefits of XRP, RippleNet and Ripple’s XRP-powered cross-border payments platform, On-Demand Liquidity.

Later in the press release, SBI describes Money Tap as both a “financial ecosystem” and a “next-generation payment platform that uses Ripple’s technology as described above,” though the bank stops short of saying the app will explicitly use XRP.

Money Tap launched in October of 2019 and allows people to send and receive money instantly using phone numbers or QR codes. The app is currently available on both iOS and Android.

In September of last year, SBI Holdings chief executive Yoshitaka Kitao was quoted as saying that the app, which is fully licensed by Japanese regulators, would utilize XRP in the future.

Says SBI in the most recent press release,

“Through this latest investment by Ripple, Money Tap will further strengthen its partnership with Ripple and accelerate the development of new functions and new services, including a small-amount collection service and corporate payment function, a community currency, an overseas remittance service, inbound and outbound remittance services, and a supply chain finance function, aiming to increase customer satisfaction through greater convenience.”

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