Japan's GMO Internet Group is getting together with Aozora Bank Group to build an online banking business. It wants to use blockchain to make services cheaper and faster.
Japan's GMO Internet Group, working in partnership with Aozora Bank Group, has created a new, online banking business set to use blockchain as well as other cutting-edge technologies to meet market demand for advanced banking services.
The partnership between GMO and Aozora will create a limited entity titled GMO Aozora Net Bank that plans to use advanced security certification, blockchain technology, artificial intelligence, the internet of things, and next generation media.
GMO claims this "internet bank" comes in response to the growth of the cashless society, proliferation of smartphones, the advancement of FinTech, and a growing intention of consumers to use internet banking. Application programming interface cooperation between banks and FinTech operators has also progressed, it said.
"New financial services such as more convenient settlements are in the process of being born," said GMO in its announcement[1]. "In addition, through the application of blockchain technology, there is an increasing expectation for breakthroughs for safer and cheaper payments and financial services."
The new internet bank plans to use a variety of technologies to offer low-price services to businesses and consumers and will work with GMO Internet Group and external FinTech companies to develop unique services "quickly."
The full announcement[2] points to banking products, including virtual accounts for both individual and businesses, foreign currency deposits, and a high-security debit card. The internet bank then plans to work with GMO Internet group to develop a new "settlement system utilizing blockchain technology," likely to be implemented later.
GMO Internet Group is no stranger to blockchain technology. It launched a cryptocurrency exchange in May 2017 and has since developed cryptocurrency
