Mizuho Financial comes with the new fintech startup in June

26 May 2017

mizuhoMizuho Financial Group, Japanese banking holding company, is about to launch a separate venture dedicated to fintech as the financial giant seeks to keep the pace with the modern trend of upsurge in fintech startups having all chances to successfully compete with the conventional banking and financial services institutions on stage.

The bank reported that there are 20 projects on the agenda with the use of blockchain technology as well as artificial intelligence. The projects will be implemented in such sectors as farming and travel. Still, Daisuke Yamada, working as chief digital innovation officer at Mizuho, notes that the new move faces a host of challenges taking into account conservative financial course in the country where businesses traditionally remain wary towards any risk bearing undertakings.

This is the key reason why Mizuho will own just 15% share in the new venture’s capital, while Yamada will lead the startup with other personnel to be provided by the bank as well. Yamada stressed that innovations implemented internally within the bank would result in endless procedures for obtaining permissions, approvals, certifications from different authorities and responsible persons in risk management and compliance assurance.

Yamada provided no further details on the upcoming projects to be developed and realized by the venture, but noted that the first thing on the agenda is export trade transaction to be completed in June. The transaction will be based on the blockchain technology with all stakeholders having access to and sharing the required documents through the distributed ledger online instead of sending hard copies.

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