Financial Technology,mktdev,Markets Exchanges,retail,technology,

Financial Technology,mktdev,Markets Exchanges,retail,technology,

SBI Holdings, Inc. and Wirex Limited, a provider of payment services of cryptocurrencies, hereby announce that they have recently entered into a memorandum of understanding. The purpose of the memorandum of understanding is to establish a joint venture company to operate business in Asia.

Wirex is a provider of payment services that allows the customer to use bitcoin and other cryptocurrencies on the Visa Card networks across the world. This payment service enables the user to instantly exchange cryptocurrencies to legal tenders, including U.S. dollars, euros or U.K. pounds, on an application of Wirex. And with the “Wirex Card,” which is issued by Wirex, the user can use such legal tenders on the Visa and Master Card networks around the world, including ATMs and credit card merchants. Wirex’s service, already having over 900 thousand customers in 130 countries across the world, will likely see its customers to grow further in number, going forward.

SBI Holdings plans to form a joint venture company with Wirex by investing in Wirex’s local subsidiary in Japan by the end of October 2017. The joint venture company will issue a cryptocurrency payment card in Japan, as well as develop other co-businesses in the field of cryptocurrencies, DLT and payment. As it has been announced in March 2017, SBI Investment Co., Ltd., which is a subsidiary of SBI Holdings and conducts investments and management of venture capital funds, has invested in Wirex through the FinTech Fund.

Re-disseminated by The Asian Banker