- An analyst has highlighted the unprecedented presence of Ripple (XRP) in Japan with its joint product with SBI, MoneyTap, recording massive adoption among local banks.
- A study has confirmed that up to 80% of the Japanese banking industry has partnered with Ripple.
In 2018, Japanese financial services group SBI Holdings disclosed that it would launch a payment application called MoneyTap on Ripple’s blockchain technology. According to that announcement, MoneyTap was designed to enable domestic bank customers to engage in instant transactions at all times using a QR code, phone number, or bank account. In 2020, CNF also reported the plan of SBI to use MoneyTap in Japanese ATMs.
At that time, Zengin, which was Japan’s national payment clearing platform, only permitted domestic money transfers. Even so, transactions were permitted to occur between 8:30 AM and 3:30 PM.
Six years after its launch, MoneyTap has established itself as one of the most effective payment platforms, with millions of users onboard, coupled with an incredible number of engagements.
Commenting on the journey so far, a renowned analyst identified as WrathofKahneman has highlighted that several banks, including Shinonome Shinkin Bank and Nagoya Bank, have collaborated with SBI to use MoneyTap for international remittance service.
According to him, SBI’s cumulative international remittance has significantly increased, with $13 billion recorded for the year.
4. Detail: SBI Holdings is the parent co. Initially, MoneyTap was launched by SBI Ripple Asia, a JV with Ripple (40%). In 2019, MoneyTap was incorporated as a separate entity, becoming a wholly-owned subsidiary of SBI Holdings. In ’21, Ripple then acquired 33% of that Subsidiary.— WrathofKahneman (@WKahneman) December 19, 2024
More About the MoneyTap and Banks Partnerships
Throwing more light on the status of the more than 200 Shinkin banks collaborating for international remittance, WrathofKahneman highlighted that they are much larger than US credit unions serving communities.
According to him, these banks play important roles in the Japanese banking industry. Also, the “courtship” of multiple banks represents a diverse geographical reach.
MoneyTap’s courtship of 6 banks bodes well. They represent a diverse geographical reach, with urban & rural areas. You can check out the p/r below. Note not every bank is primarily interested in remittances, but the app is gaining traction.
As of 2021, MoneyTap was supported by several financial institutions in Japan, including “Sumitomo SBI Net Bank, Daiwa Securities Group Headquarters, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Ashikaga Bank, Ogaki Kyoritsu Bank, and Seven Bank.”
According to our research, Ripple renewed its relationship with SBI by investing an undisclosed amount in MoneyTap in 2020. Fascinatingly, a CNF report discloses that the blockchain company has made a significant presence in Japan with many banks and financial institutions reported to be integrating XRP for various applications.
Veteran statistician Dr. Hossein Hassani and research experts Xu Huang and Emmanuel Silva confirmed this, revealing that Ripple has formed partnerships with up to 80% of the Japanese banking industry. The Japan Virtual and Cryptocurrency Exchanges Association (JVCEA) has also approved 31 regulated crypto exchanges to list XRP.
The fast adoption of crypto and blockchain across major financial institutions is not only happening in Japan. According to reports, BNP Paribas, UBS, and HSBC are also exploring and implementing blockchain solutions to streamline operations.
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