Shinsei Bank of Japan has inked a Memorandum of Understanding (MoU) with blockchain startup ConsenSys to expand its exploration efforts of the technology’s applications for finance.
This comes a report filed by Cointelegraph Japan.
The MoU involves a business partnership between Shinsei Bank, Hong Kong-based restricted license bank Nippon Wealth, Singaporean private equity fund Tribay Capital, and ConsenSys. The latter was established in 2014 by Ethereum (ETH) co-founder Joseph Lubin, and currently has its headquarters based in New York.
The agreement between the four entities would focus on investigating the use of ConsenSys’ decentralized applications (DApps) to develop new financial products and services, with Nippon Wealth leading a study of blockchain infrastructure and protocols for the banking space.
Nippon Wealth has “completed a capital injection through a third-party allocation of shares of OJBC Co., Ltd., its owner. The collaboration means that Tribay Capital would become a new shareholder of Nippon, with Shinsei Bank remaining its majority shareholder — keeping 50 percent of shareholder rights.
After the study, the parties have determined they would roll out blockchain-related offerings and details of new services on their banking platforms “at a later date.”
Blockchain is becoming a crucial focus of Japan’s conventional financial sector, with multinational IT firm Fujitsu disclosing its plans establish an interbank settlement platform with the use of blockchain technology as part of a joint project with nine other domestic banks.