29 April 2017
Visit EBAday.com

Japanese banks flock to blockchain consortium

01 November 2016  |  12498 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  |  8070 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  |  9864 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  |  9315 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  |  6332 views  |  0 comments | 15 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit dh.comvisit vasco.com/news/PSD2-compliant-solutions

Top topics

Most viewed Most shared
Six global banks join Swift DLT trialsSix global banks join Swift DLT trials
7711 views comments | 15 tweets | 36 linkedin
BBVA steps up fintech acquisition strategy with purchase of OpenpayBBVA steps up fintech acquisition strategy...
6961 views comments | 17 tweets | 16 linkedin
Should central banks open up payment and settlement systems to non-banks?Should central banks open up payment and s...
5979 views comments | 22 tweets | 21 linkedin
Token raises $15.7 million as PSD2 approachesToken raises $15.7 million as PSD2 approac...
5924 views comments | 20 tweets | 20 linkedin
hands typing furiouslyMobile Technology, Its Importance, Present...
5678 views 0 | 2 tweets | 1 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job