15 Japanese banks plan blockchain currency exchange
A group of Japanese financial institutions is looking to create a blockchain-based platform they could leverage to cut costs on domestic and foreign exchange services.
SBI Holdings, which owns SBI Sumishin Net Bank and has invested in startups working with the technology in the past, said in a statement that as many as 15 banks are expected to take part in the initiative when it formally launches in October.
The company said:
„While the Bank of Yokohama and SBI Sumishin Net Bank have been implementing various FinTech initiatives at an accelerated pace, the consortium will begin to consider new types of payment and settlement services that utilize blockchain technology, starting from October 2016.”
„This is designed to address: 1) a trend of 24-hour and real-time settlement resulting from innovative changes occurring in recent years to information and communications technology (ICT), coupled with changing customer behaviors and way of living in society; 2) increasingly diverse needs for remittance concerning small-value settlements; 3) a borderless trend caused by cross-border ecommerce and Japanese companies’ expansion into Asian countries.
By the time the platform is ready for launch in March 2017, organizers hope to have as many as 30 banks using the new technology.
Source: www.sbigroup.co.jp
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
