Mizuho, Microsoft Japan Trial Blockchain System for Syndicated Loans
Financial services giant Mizuho has announced a second blockchain technology trial to be focused on syndicated loans. Announced on 16th February, the project finds Mizuho uniting with other Japan-based companies, including Information Services International-Dentsu (ISID), blockchain startup Currency Port and Microsoft Japan Co, the local subsidiary of the US tech giant. ISID corporate communications officer Kayoko Lee said that the trial is still in early stages, as the partners seek first to "verify the applicability" of the technology to the post-trade process using Microsoft’s....
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The Mizuho Financial Group, one of Japan’s largest financial services companies and among the three Japanese ‘megabanks’, has announced the development of a new blockchain application after completing trials of its custom digital currency and cross-border document sharing. The purpose of the trail was to test if a business process, built on a traditional centralized system, could be devised to function in a decentralized system at lower costs. Japan’s Mizuho first partnered US-based IT solutions provider and consultant Cognizant this time last year with the aim to build a blockchain....
Mizuho Financial Group announced this week it will pilot Ripple's distributed ledger technology for use in cross-currency settlement. The trial will find the Japan-based financial services firm and R3 member, along with SBI Holdings, using Ripple's payment solutions to explore how cross-border payments could be conducted between the financial institutions. R3 will act as the consultant on the project. Representatives from Ripple said the trial is expected to evolve to the point where real payment information, and eventually, real funds, are moved between the companies. The startup, which....
A syndicated loan exchange trial utilizing blockchain technology being undertaken by a group of banks alongside startups R3 and Symbiont is moving ahead. Announced during this week’s Sibos finance and technology conference in Geneva, Switzerland, the news sees the two startups, financial data provider Ipreo and Swiss financial services firm Credit Suisse (which organized the trial) completing the syndicated loan project's first phase. The test wasn’t limited to just those companies, however. R3 members BBVA, Danske Bank, Royal Bank of Scotland, Scotiabank, Société Générale, State Street,....
In an announcement today, Japan-based Mizuho Bank Ltd., and technology firm Fujitsu Labs Ltd., have revealed the successful operation trial of blockchain technology that saw tamper-proof results and same-day settlements of securities transactions. The two companies, following the announcement of a successful blockchain trail, revealed that they will develop an “exceptionally convenient financial system” that will see risks like price fluctuations negated from cross-border securities transactions. The 3-month trial between Dec 2015 and Feb 2016 saw Mizuho Bank, a leading custodian bank with....
A group of banks, the R3 blockchain consortium and Fintech startup Symbiont have created completed the trail of a proof of concept blockchain simulating an exchange of syndicated loans. An increasing number of financial instruments are being tested, successfully, for transfers and exchange on a blockchain platform and the latest industry endeavor puts the scanner on syndicated loans, an loan offering which sees a group of lenders – a syndicate – collectively lend to a single borrower. In an announcement today communicated to CCN, European bank Credit Suisse, a number of banks forming the....