IBM Japan Teams for Asian FinTech Market

Announcements, Blockchain, FinTech, Innovation, Investing | June 27, 2017 By:

Japanese financial services firm AEON Financial Service (AeonFS) and IBM Japan are developing a blockchain-based financial platform for the Asian market.

AeonFS is a bank holding company that is the center of the AEON Financial Service Group. The Group consists of 35 businesses and offers comprehensive financial services with origins in the retail industry. AeonFS provides a range of financial services, including banking, credit and micro-finance, to customers in Japan and 11 other countries across Asia.

The new blockchain platform is expected to enable enhanced settlement and transactions for both consumers and enterprises in Japan and throughout Asia. The platform will notably facilitate virtual currency payments between individuals and businesses. The platform will also enable the allocation and redemption of loyalty points and more efficient transaction data management.

AeonFS expects to begin the trial of the platform in July. It will be conducted on Hyperledger Fabric, a blockchain framework, and one of the Hyperledger projects hosted by The Linux Foundation. IBM Japan will facilitate AEON with technical support in the development and implementation of the blockchain platform in the finance sector. The platform will draw upon AEON’s technical expertise in networking and blockchain technology. The trial will evaluate blockchain’s effectiveness across these key areas to assess its ability to scale.

“Based on settlements and transactions, AEON Financial Service is working to build a platform that will offer various financial services such as virtual currency payments and loyalty points exchange and redemption not only to customers in Japan but also throughout Asia,” said Masaaki Mangetsu, Managing Director, Global Business Strategy, AEON Financial Service. “We foresee great opportunities in using blockchain to build this platform, and will aim to use it to improve our current financial services offerings, as well as offering new services to underserved customers in Asian countries.”

“As an innovative technology, blockchain has the potential to revolutionize ways businesses work together with their ecosystem partners,” said Yoshiki Minowa, Vice President, Partner – Cognitive Process Transformation, Global Business Services, IBM Japan. “The technology establishes accountability and transparency while streamlining business processes. We are delighted to work with AEON Financial Service to build up a new blockchain-based platform for innovations.”