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Sumitomo Mitsui Trust Bank starts blockchain trials

25 October 2016  |  5110 views  |  0 Source: Sumitomo Mitsui Trust Bank

Sumitomo Mitsui Trust Bank, Limited (President: Hitoshi Tsunekage; hereinafter “SuMi TRUST Bank”), with the objective to enhance its services in asset management and administration, real estate and banking businesses; working in cooperation with NEC Corporation (President and CEO: Takashi Niino) and IBM Japan, Ltd. (Country General Manager and President: Paul Yonamine), announces the commencement of demonstration experiments in FinTech.

SuMi TRUST Bank being the sole independent financial group that specializes in trust banking, shall inaugurate 4 demonstration experiments from October 2016, in trust related business areas (asset securitization, stock transfer agency, real estate brokerage/consulting, and global custody businesses) where SuMi TRUST Bank has a competitive edge, to study the application of blockchain/AI technologies in these areas. The experiments aim to assess the possibilities and validate the effectiveness of utilizing revolutionary IT technologies to achieve dramatic improvement or streamlining of existing services and operations.

Also, with regard to remittance/settlement businesses, we have joined the consortium (Working group coordinator: SBI Ripple Asia Co., Ltd. (Representative Director: Takashi Okita)) established to explore the fusion of domestic and cross-border remittances with the aim to create new remittance/settlement services utilizing blockchain technology. Furthermore, robo-advisor services for individual clients are currently under consideration with the aim to become operational by the end of this year.

In order to propel FinTech, SuMi TRUST Bank has established dedicated units and cross-divisional project teams to explore actual application possibilities and development of unique innovations. Going forward, we shall endeavor to improve our services and usefulness for our clients and to enhance enterprise value by advancing initiatives expected of a trust bank. 

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