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SBI Ripple Asia is a few steps away from launching its Blockchain based Payment App

SBI Ripple Asia has moved one step closer to its aim of launching MoneyTap, a Blockchain-powered payment app, in Japan. It has itself registered under Kantou bureau to become legally clear to act as a financial agent. The app will facilitate the retail users for a peer-to-peer money transfer.

For launching the app, the SBI Ripple Asia has to clear some regulatory conditions. One of the primary condition was to get registered under any of country’s local finance bureau to act as an entity wanting to act as an agent for financial tradings using Bank’s open APIs. Japan’s Financial Services Agency (FSA) made the new rule effective from June 1 this year.

On Wednesday, SBI Ripple Asia announced that it has joined hands with the Kantou bureau of Japan’s Ministry of Finance for the same. Kantou bureau will as a licensed agent for SBI Ripple Asia.  

It further explained how the app will give an easy way out to retail users for transferring money between peers. The app is using Blockchain technology and therefore promises for transparent decentralized transaction system. It brings different domestic financial institutions into its Blockchain network by connecting with their Open APIs.

As of now, SBI Ripple Asia has partnered with three domestic banks. However, it is hopeful to increase the list to 60 within a year. The app will roll out this autumn and will be available on mobile platforms like iOS and Android.