Japanese-based Mizuho Financial Group has kicked off a new fintech venture, cateri to emergi businesses in the sector as part of a broader effort and outreach to disrupt several industry elements, per a group statement.
Mizuho Financial Group is Japan’s second-largest lender by assets, which currently includes upwards of twenty projects in the pipeline for the fintech venture. This includes an emphasis on several technologies such as blockchain, artificial intelligence (AI), and others.
The development is the latest example of global lenders maki investments into the fintech space, with many others in Europe and the US also followi suit. The development and harnessi of technologies such as blockchain and sentiment-based tradi systems, amo others, have been flagged as top objectives for many businesses and lenders over the past few years.
The efforts will also be spearheaded by Mizuho’s Chief Digital Innovation Officer, Daisuke Yamada, though he notnote the cultural and technological challe es that the lender would likely incur as it tried to implement new business models that run counter to many domestic traditional attitudes.
As such, Yamada noted Mizuho will only be limiti its stake in the yet-to-be named fintech venture at less than 15 percent, though Yamada would be its president and the bank would send staff. More specifically, the new venture planned to conduct an export trade transaction next month usi blockchain technology, allowi all parties to excha e necessary documents online instead of waiti for hard copies.