20 August 2017
Find out more

Japanese banks flock to blockchain consortium

01 November 2016  |  13481 views  |  0 Japan Flag

A Japanese bank consortium planning to build a new real-time payments platform using technology from blockchain joint venture SBI Ripple Asia, has expanded to 42 banking members.

Launched with the support of 15 inaugural members in August, SBI Ripple Asia initially anticipated increasing the size of the consortium to 30 banks.

"Because of active responses from many financial institutions, the Consortium was finally launched with 42 member banks," says SBI in a statement. "Member financial institutions are expected to increase further after the launch, as applications for participation will be accepted continuously."

SBI Ripple Asia says the the consortium will promote discussion from both technical and operational perspectives on activities required in domestic and foreign exchange services "to utilise blockchain and other new technologies, consolidate domestic and foreign exchange services, and build 24-hour and real-time remittance infrastructure".

The group has set a March 2017 deadline for delivery of a proof-of-concept ahead of a full commercial build.

The new comes as SBI Holdings advances plans to launch a digital currency exchange on the back of a £3 million investment. The company has set up a new subsidiary, SBI Virtual Currencies, with which it aims to capture a "new value asset management opportunity."

The moves comes after Japanese regulators in May moved to recognise virtual currencies and relax restrictions on bank investments in digital cash businesses.

SBI has not revealed details of the currencies that will be available on the platform, but the announcement has sparked excitement on digital money forums that Ripple's native digital asset XRP may finally get a public listing.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

SBI Securities and IBM test blockchain for bond trading system

SBI Securities and IBM test blockchain for bond trading system

21 October 2016  |  8725 views  |  0 comments | 9 tweets | 5 linkedin
Japanese bank consortium to build new payments network with SBI Ripple Asia

Japanese bank consortium to build new payments network with SBI Ripple Asia

23 August 2016  |  10732 views  |  0 comments | 24 tweets | 19 linkedin
Japan's SBI Holdings looks to raise $275m for fintech fund

Japan's SBI Holdings looks to raise $275m for fintech fund

12 May 2016  |  9987 views  |  0 comments | 21 tweets | 5 linkedin
Ripple to create Asian joint venture with SBI Holdings

Ripple to create Asian joint venture with SBI Holdings

29 January 2016  |  7984 views  |  0 comments | 15 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.niceactimize.comvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9018 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7855 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7258 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6470 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6341 views comments | 11 tweets | 9 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job