SBI Holdings Inc. announced on 28 March that it would be accepting investment from 13 regional banks for Money Tap Co. Ltd., which will allow users to transfer money between individuals directly, and at any time from one bank to another.
According to CoinPost, a Japanese cryptocurrency and blockchain media publication, Money Tap Co. Ltd. is promoting the “Money Tap” business, which is an app used for transferring money for smartphones. It uses the distributed ledger technology for smartphones, banks, and general users to drive the expanding cash flow and provide services swiftly.
The 13 companies ready to invest in Money Tap were Atago Bank, Kiraboshi Bank, Keiyo Bank, San-in Joint Bank, Shiga Bank, Shimizu Bank, Shinsei Bank, Suminobu SBI Net Bank, Suruga Bank, Seven Bank, Hiroshima Bank, Fukui Bank, and Hokuriku Bank.
Seven Bank, a Japanese bank under the major distribution company group Seven & i Holdings and a leading regional bank, was also included in the list. Seven Bank recently announced that it had installed over 25,000 ATMs and that they could be used at 7-Eleven stores across the nation. The company operates ATMs not only in Japan, but also in the US and Indonesia.
According to data released by 7-Eleven, the number of stores as of 2017 was over 20,000 and its sale was over 4.7 trillion yen. The blog published by SBI stated,
“In addition to participating in the domestic and foreign exchange consolidation consortium (* 2), other financial institutions will also participate in management as shareholders and cooperate with these financial institutions to provide financial services with high client benefit and cash We will contribute to the development of new industries and the reduction of social costs.”
This would be facilitated through the achievements of the FinTech platform’s introduction to financial institutions.
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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.