Bank of Iwate, Aomori Bank, Akita Bank, and Yamanashi Chuo Bank, together with IT firms including AIT Corporation, IBM Japan, and NEC, have established “Fitting Hub’.Although they have been working on this project since 2017 the first service they are going to roll out is an ‘electronic delivery service’ designed to send and receive data from different institutions on one screen.
This is a significant development and will not go unnoticed by other banks as Japan has four of the largest banks out of the top twenty banks in the world and still remains the third-biggest economy. The banking industry continues to search for ways to cut their cost base and be more efficient hence the impressive rise of the Fintech sector globally.
It was only in September 2018 that Money Tap the first Blockchain powered money transfer system was licensed in Japan as a way to cut the cost and time it takes to make payments within Japan in the banking system. The granting of a license to Money tap meant that Japan was the first major economy to use Blockchain technology to carry out transfers between banks.
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