Japan Megabanks Kill Joint Blockchain Money Transfer Project, Turn to Their Own Cryptocurrencies

Japan, blockchain

Three of Japan’s biggest banks have canceled a joint project of a blockchain-based peer-to-peer money transfer service. The three so-called Japanese ‘megabanks’, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group, said the joint venture was a duplication of their individual efforts. They thus saw no need to continue, according to the … Read more

Japan’s Largest Bank is Testing Digitized Checks on a Blockchain in Singapore

The Bank of Tokyo-Mitsubishi UFJ, Japan’s largest bank, has chosen blockchain technology as the core infrastructure toward testing the digitization of checks using Singapore’s Fintech-friendly regulatory sandbox installed by the country’s central bank, the Monetary Authority of Singapore. First announced [PDF] last year, the Proof of Concept (PoC) testing is the result of a joint … Read more