SBI begins a demonstration test of its S-Coin Platform for issuing digital currency, built using Corda, for SBI group employees

SBI Holdings, Inc. has built the S-Coin Platform, a platform for issuing digital and other currencies, using the blockchain solution Corda.

In July 2020, SBI Holdings began a demonstration experiment of the S-Coin Platform for SBI Group employees.

This was announced by SBI Holdings on July 27.
The S-Coin Platform allows users to design and issue their own digital currency, such as digital money as a means of prepaid payment, according to their needs.

In this pilot project, the S Coin Platform will be used to issue S Coins, a payment coin issued by SBI Holdings.

In this pilot project, the “S-Coin Platform” and “Money Tap” were built to work in tandem.

SBI Holdings said the combination of the two will contribute to increased convenience for users.

Money Tap is a smartphone money transfer and payment app provided by SBI Holdings’ subsidiary Money Tap Co.

The S-Coin Platform is designed to transfer money directly from bank accounts to the S-Coin Platform through the Money Tap, and S-Coins are issued and recharged on the platform.

Payments can be made at any merchant store that offers the Money Tap payment service.

Payments are usually made from the balance of the bank account, but in this trial, payments will be made from the S-Coin balance.

By conducting this demonstration experiment, SBI Holdings plans to further utilize and spread the blockchain platform and, in the future, to use it as a platform for issuing local currencies.

Editor’s comment

Corda is a private, consortium-based blockchain solution developed with enterprise applications in mind. Corda is licensed and supported in Japan by SBI R3 Japan INC. an SBI Group company.

(images:iStock/Cemile-Bingol)