The Japanese financial services giant, Monex Group, is planning on joining Facebook’s Libra project placing itself together with other industry players such as Visa, Mastercard, Uber and eBay.

This was revealed by Monex president Oki Matsumoto at the recently concluded Q2 results meeting.

A company that wants to be a part of this consortium is required to cough up $10 million USD for the privilege of governing Libra.

Many of the said 28 companies have already signed nonbinding letters of agreement but are not yet official partners according to Visa CEO Alfred F. Kelly Jr., whose company is part of the early potential partners signatories.

Matsumoto adds that their application will undergo a primary review at the end of the summer, and Monex will make a final decision on whether or not to join the consortium after the said evaluation.

Furthermore he states that Libra has great potential since it offers various possibilities such as financial inclusion, international product sales, potentially bringing financial services such as loans to the unbanked.

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