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Ripple-Powered MoneyTap to Be Integrated by Major Japanese Bank

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Mon, 11/11/2019 - 7:07
Ripple-Powered MoneyTap to Be Integrated by Major Japanese Bank
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Japanese financial company SBI Holdings Inc. has formed a capital tie-up with Fukushima Bank Ltd. As part of the partnership, the regional lender will integrate Ripple-powered payment application MoneyTap

The announcement states that MoneyTap will help Fukushima Bank increase customer convenience while reducing operational costs.

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Unprofitable Japanese banks

As reported by The Japan Times, SBI will become the bank's top shareholder after acquiring an 18 percent equity stake. Fukushima Bank has been struggling to find a path to profitability, but the recent deal could make a difference. 

Overall, 45 out of 105 regional banks in Japan remain unprofitable for the second year in a row due to the country's monetary policy. The Bank of Japan has been pushing quantitative easing for the past six years in order to boost spending, but it puts a lot of pressure on banks that keep struggling with earnings. 

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MoneyTap as a solution

The MoneyTap app was launched by the Japan Bank Consortium back in March 2018. The app allows its users to make bank-to-bank transfers with the help of telephone numbers or QR codes.        

As reported by U.Today, SBI Ripple's MoneyTap onboarded four more regional banks, including Awa and Kita-Nippon, at the beginning of September, which brought the total number o financial institutions using the application to 29.

Thus, Money Tap continues to swell with additional partners after Resona, the fifth largest Japanese financial institution, abandoned the app back in April.  

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