Over the past year, SBI Ripple Asia has brought in 61 Japanese banks to its consortium representing 80 percent of Japan’s total assets. In the upcoming months, the consortium could begin to utilize the Ripple network to process cross-border payments.
On September 26, SBI Ripple Asia successfully registered with the Kantou Bureau of Japan’s Ministry of Finance as a licensed electronic payments agent. The license allows the organization to operate as a money transmitter, processing and clearing transactions on behalf of individuals and businesses.
Initially, the organization Asia will test out its MoneyTap payments app, a blockchain-based money transfer service for retail users, but the licence is expected to lead to an increased adoption of Ripple.
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