Copy link
Increase text size
Decrease text size
Link copied

SBI Holdings invests $20M in OpenLegacy to support blockchain-based payments app MoneyTap

Tue, 04 Feb 2020, 05:53 am UTC

Japanese financial services company SBI Holdings has invested $20 million in OpenLegacy, a leading provider of microservice-based APIs for legacy and core systems.

In its press release, SBI said that its decision to back OpenLegacy was driven by reasons – first, OpenLegacy's long-term technology promise, and second, to accelerate its own digital transformation activities.

The financial services giant said that it will leverage OpenLegacy's technology to spearhead two key strategic efforts: building Internet banking across its growing portfolio of Japanese banks, and instituting MoneyTap, a blockchain-based payment application, in Japan and globally.

MoneyTap was launched in October 2018 by Japan Bank Consortium, a blockchain alliance led by SBI Ripple Asia – a joint venture between SBI Holdings and Ripple. The Ripple-powered payments app offers real-time settlement for domestic payments in Japan.

"OpenLegacy will enable our portfolio companies to quickly launch digital innovations, integrating, leveraging, and extending our legacy systems in a fraction of the time, all without changing the underlying systems," said Yoshitaka Kitao, SBI Holdings President & CEO.

OpenLegacy's platform is already being used by Fortune 500 companies like Citi, Liberty Mutual, FIS, and BNP Paribas-Cardif, among others. It connects directly to legacy systems, automatically generates microservice-based APIs, and deploys on-premises or in the cloud. This, in turn, helps to reduce the time, cost and risk that are usually associated with digital transformation.

The solution also enables seamless integration into existing or new DevOps pipelines because of its compatibility with modern code development practices.

"The investment opens the door to Japan, the world's second largest mainframe market. It is an important milestone in our global expansion; we're now serving the world's top clients across the United States, Europe, LATAM and Asia,” said Ron Rabinowitz, OpenLegacy's President.

Just recently, SBI announced that it will offer shareholders the option to receive Ripple’s native token, XRP, as a benefit.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,140.90 (+2.98%)
  • Ethereum (ETH) $281.29 (+1.75%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $414.66 (+1.72%)
  • Bitcoin SV (BSV) $307.15 (+0.73%)
  • Bitcoin (BTC) $10,140.90 (+2.98%)
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
12:17
US Presidential candidate Michael Bloomberg proposes crypto regulatory framework
11:39
IRS invites crypto firms to discuss cryptocurrencies and related issues
11:38
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:37
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:39
Banking giant Citi backs blockchain trade finance network Contour
09:47
Bank of Korea to develop blockchain-based bond management system
07:22
Northern Data, Canaan partner to cooperate on AI, blockchain and datacenter operations
06:41
Crypto Technicals: ETH/USD closes above 5-DMA, set to resume bullish momentum
06:30
Nebulous launches blockchain-powered file sharing platform ‘Skynet’
06:00
Crypto Technicals: BTC/USD consolidates previous session's spike, 'Golden Cross' keeps scope for further upside
05:03
Crypto finance firm Amber raises $28M in Series A funding
04:32
China upgrades national PPP information platform to use blockchain, AI and big data
Feb 18, 2020 (Tuesday)
13:26
Enjin’s game development platform goes live on ethereum
12:14
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:14
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:13
Boerse Stuttgart's blocknox to offer crypto custody services to institutional clients
11:12
Crypto derivatives exchange Deribit lists daily ether options
10:48
UEFA EURO 2020 tickets to be distributed using blockchain-based ticketing system
10:12
South Korean and Singaporean crypto exchanges partner to develop new services
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft