Skip to main content

Mizuho Financial Group launch fintech venture

Tinuku ~ Mizuho Financial Group is launching a fintech venture that will be unveiled next month to create a new business. The Tokyo Chiyoda-based financial company, soon joined the global financial technology competition that continued to erode traditional financial system markets.

Tinuku Mizuho Financial Group launch fintech venture

Mizuho Financial Group is Japan's second-largest lender by assets said it will utilize blockchain technology and artificial intelligence programs in the field of agricultural and travel startups.

Daisuke Yamada, Mizuho's digital innovation manager, says the main challenge is a conservative attitude.

"If we are trying to pursue business innovation within the bank, we must seek permission from people from risk management, compliance and others," Yamada said in a statement.

"It took a long time - it's not like building a nuclear reactor or rail system," Yamada said.

Mizuho and other megabanks have been increasingly active in the competition with startup fintech.

Yamada said a plan to conduct trading transactions using blockchain technology that allows all parties to exchange documents online.

Blockchain is an online system that underlies the bitcoin digital currency as a public property managed by a computer network on the internet.

Financial companies expect new technologies to reduce the cost and complexity of the international payment process.

Comments

Popular posts

Norwegian Coastal Administration prepare Stad Ship Tunnel construction to cut shipping lanes Stad peninsula

Tinuku ~ Norwegian Coastal Administration has begun Stad Ship Tunnel construction as the world's first ship tunnel to navigation bypass at Norway windy sea. A design made 1,700 meters long tunnel through the hills on the Stad peninsula which allows the ship to escape from one of the most dangerous region in the world.

PayPal acquired Sweden's iZettle.com for $2.2 billion

PayPal Holdings Inc. said on Thursday it had agreed to acquire Sweden's iZettle.com for US$2.2 billion. Startup headquartered in Stockholm is one of the most renowned financial technology companies in Europe where the deal will allow PayPal to expand the market globally and will mark the largest acquisitions ever made by a company based in San Jose, California.

iZettle offers a mini credit card device for small businesses that can turn smartphones and tablets into payment registers. The company has been present in 11 countries and offers other services for small businesses including loans. iZettle also has plans to go public.


The deal will also help PayPal provide a more comprehensive suite of services to its merchants, while PayPal that operates in the next 200 countries allows iZettle to accelerate its international expansion including the US. Similar services and major competitors in the US are Square Inc founded by Twitter CEO Jack Dorsey.

Since separating from eBay in 2015, P…

Foxconn unit to raise $4.2 billion IPO in Shanghai

Foxconn unit to collect US$4.2 billion in an IPO on the Shanghai stock exchange. Taiwan's Foxconn Industrial Internet as one of Foxconn's electronics manufacturing giant units that makes cloud services and industrial robot equipment will float 10% of total shares in an initial public offering in China on Thursday aiming to raise 27.1 billion yuan as China's biggest mainland debut for three year.

Taipei-based Foxconn, also known as Hon Hai Precision Industry Co. is the world's largest electronics contract manufacturer, a major supplier of components and assembler products by international brands including Apple and Sony. Foxconn Industrial Internet will launch 1.97 billion new shares at 13.77 yuan per share to raise 27.1 billion yuan (US$4.2 billion).


The IPO will be the largest in mainland China since 2015. Foxconn said it will use the funds raised to improve smart manufacturing, build an internet platform to connect factories, invest in cloud computing and fifth gener…