A Japanese financial services firm and IBM are building a blockchain-based financial platform for the Asian market.
Aeon Financial Service (AeonFS) provides a range of financial services including banking, credit and micro-finance to customers in Japan and 11 other countries across Asia.
The company is working with IBM to develop a new payment network for consumers and enterprises in both Japan and the Asia region, using advanced technologies like blockchain, trials are due to begin in July 2017.
Asia Wide
With the blockchain technology, the platform is expected to enable (AeonFS) to provide enhanced financial services such as settlement and transactions for both consumers and enterprises in Japan and throughout Asia.
This will include virtual currency payments between individuals and businesses, loyalty points allocation and redemption, and transaction data management.
Financial Sector Focus
The trial will be conducted on Hyperledger Fabric, a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation.
In the trial, IBM Japan will provide technical support to AeonFS for the technology implementation in the finance sector, as well as associated technology development services.
