Japanese banks and tech firms join forces for blockchain research initiative

FinTech | February 25, 2016 By:

ORIX Corporation, ORIX Bank Corporation, The Shizuoka Bank, Ltd., NTT DATA Corporation, and NTT DOCOMO Ventures, Inc. announced that they have agreed to commence joint research toward the development of new financial services using blockchain technology.

Orix and Shizuoka, the banks involved with the project, said they plan to test international remittance and transaction settlement applications of the tech. Orix is a consumer-focused financial services firm founded in the 1960s, while Shizuoka Bank, one of Japan’s regional financial institutions, was founded in the 1940s.

The group said this research will verify the feasibility of block chain technology in the financial services sector based on the expertise and technical capabilities of the five companies.

The specific responsibilities of every firm have been broadly chalked out:

  • NTT DATA and Orb, Inc. , with their expertise in the development of block chain core technology, will carry out research from the aspect of systems and technology.
  • ORIX, ORIX Bank, and Shizuoka Bank are planning to conduct verifications of new financial services such as overseas remittance and various settlement services in accordance with customer needs.
  • NTT DOCOMO Ventures will facilitate collaboration with the research’s participating companies and other start-ups while working on incorporating other promising cutting-edge technologies.