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Fukui Bank joins blockchain Forex consortium

Friday 30 December 2016 | 12:24 PM CET

Japan-based Fukui Bank has joined the blockchain consortium for domestic and foreign exchange services launched by Japanese financial services SBI Holdings and its subsidiary, SBI Ripple Asia.

Announced by SBI Holdings, Fukui Bank joins the working group, named “Consortium for Considering Blockchain Technology to Centrally Provide Domestic and Foreign Exchange Services” that aims to develop a blockchain-based remittance infrastructure.

The consortium’s latest announcement adds that discussions are currently underway toward the technical and operational objectives for blockchain-based foreign exchange in Japan. A proof-of-concept experiment is expected to be held in March 2017 before commercial use among participating banks.

Meanwhile, the remittance-centric consortium is currently accepting new applicants for participation in the working group, with further applicants expected to join in the future.

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