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.