Orix Bank and Shizuoka Bank become latest Japanese banks to begin trialing blockchain technology

Several Japanese banks and technology companies, including Orix Bank, Shizuoka Bank, NTT Data and NTT DOCOMO Ventures, have launched initiatives to conduct research on blockchain.

The news, announced today, marks the latest move by financial and technology companies in Japan to begin embracing or experimenting with blockchain technology.

Following the announcement, NTT Data, a professional services firm focused on IT consulting, will be working with cryptocurrency startup Orb and other initiative partners to research blockchain technology.

Orix Bank and Shizuoka Bank, which are involved in the project, said they plan to test the technology for international remittances and transaction settlements. Orix is ​​a consumer-oriented financial services company founded in the 1960s, while Shizuoka Bank is a regional financial institution in Japan founded in the 1940s.

NTT DoCoMO Joint Venture, a venture arm of large mobile network operator NTT DoCoMO, will coordinate among the major companies involved in the project.

In addition, the group also expressed plans to expand into other aspects of blockchain technology beyond the financial sector:

“The companies plan to work with partners from various industries to investigate the use of blockchain technology in other business areas besides finance.”

The announcement comes at a time when awareness of blockchain technology is increasing among Japanese financial services companies.

Earlier this month, Bank of Tokyo-Mitsubishi UFJ (MUFG) was reportedly working on an internal digital currency project, while more recently, financial services giant Mizuho Financial announced that it was working with Microsoft Japan on a pilot system for syndicated loans.

There has also been some activity on the investment front. Regional financial conglomerate SBI Holdings has recently invested in bitcoin and blockchain startups such as Kraken and Ripple through its venture arm.

Original article: http://www.coindesk.com/orix-shizuoka-japan-banks-blockchain/
By Stan Higgins
Compiled by: Kyle
Source (translation): Babbitt Information (http://www.8btc.com/japan-banks-blockchain)