SBI Remit, the remittance-focused arm of SBI Holdings, has announced the addition of support for its mobile MoneyTap application to three local banks in Japan. The move is aimed at enhancing the convenience and accessibility of the platform for users.
According to the announcement made on April 17, the three banks that will now support the MoneyTap application are Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank. The integration of the platform with these banks will enable users to make instant, low-cost, and secure remittances within Japan.
SBI Remit has been working to expand its reach in Japan’s remittance market, which is currently dominated by traditional money transfer services. With the addition of support for these three banks, the company hopes to attract more users to its platform.
MoneyTap is a mobile application that leverages blockchain technology to facilitate instant, low-cost, and secure remittances. The platform was launched in October 2019 in partnership with Ripple, a leading blockchain payments firm.
Since its launch, MoneyTap has gained significant traction in Japan’s remittance market, attracting over 500,000 users in just six months. The platform has also been expanding its reach, with support for several major Japanese banks, including SBI Sumishin Net Bank, Suruga Bank, and Resona Bank.
The addition of support for Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank is expected to further boost the platform’s popularity among users in Japan. The move also underscores SBI Remit’s commitment to leveraging blockchain technology to revolutionize the traditional remittance market.
SBI Remit has been actively exploring the use of blockchain technology in its operations, with a particular focus on cross-border remittances. The company has been working on several initiatives aimed at enhancing the speed, cost-effectiveness, and security of its remittance services.
In addition to its partnership with Ripple, SBI Remit has also collaborated with other blockchain firms, including R3 and BitPesa, to explore the potential of blockchain technology in its operations.
Overall, SBI Remit’s addition of support for Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank is a significant development in Japan’s remittance market. The move is expected to enhance the accessibility and convenience of the MoneyTap platform, while also positioning SBI Remit as a leader in the adoption of blockchain technology in the traditional financial services industry.