SBI Holdings has secured regulatory approval from the domestic authorities to handle electronic payments as an Electronic Settlement Agency Service Provider; MoneyTap.
The company, through its joint venture with Ripple called SBI Ripple Asia, is engaged in the development of the app. It is a Distributed Ledger Technology (DLT)-based payments app in Japan.
The new smartphone based app will enable the users to make instant payments to any one via a bank account, phone number or a QR code.
The regulatory nod will help SBI Ripple Asia to advance with the public launch of the MoneyTap app.
As an Electronic Settlement Agency Service Provider, the joint venture can process, manage and transmit digital payments in Japan.
Recently, Japan introduced new legislations to strengthen regulatory oversight over fintech and electronic payment technology companies as well as crypto exchange sector.
Under the new regulations, all companies are required to procure Japan’s financial regulator Financial Services Agency’s approval before launching any form of digital payment products or technologies.
With everything falling in line, the MoneyTap app will be rolled out later this year.