Japan’s Shinsei Bank has executed a Memorandum of Understanding (MoU) with blockchain startup ConsenSys.
According to the press release, there will be formed an alliance that will also include Hong Kong-based restricted license bank Nippon Wealth and Singaporean private equity fund Tribay Capital.
The alliance will be working on implementation of the ConsenSys decentralized apps (DApps) in order to develop new products and services based on blockchain technology in the banking sector. At this time, the parties didn’t specify either the details of the upcoming developments, or the release date. There is also a chance the decision to keep the work private for now is based on a pending patent application, which is a common practice in the industry.
The recent announcement is not the only blockchain development in the financial industry. For instance, this week, a cybersecurity subsidiary of Japan’s Nomura Research Institute (NRI) announced a partnership with ConsenSys and shared a few details about the blockchain security alert tool they’re working on now.
Blockchain technology seems to become mainstream in Japan’s banking sector, with every major financial company trying to put their foot in the door. As part of a joint project with nine domestic banks, the multinational IT firm Fujitsu is reportedly building an interbank settlement platform using blockchain technology in a joint project with nine domestic banks.
Additionally, just recently last month, Japanese financial services giant SBI Group debuted their settlement solution based on blockchain technology, which enables bank-to-bank transfers in real time.