Asian Banks to Showcase Blockchain Use Cases in Fintech Hub Singapore

Asian Banks to Showcase Blockchain Use Cases in Fintech Hub Singapore

A 2-day seminar is scheduled to be held in Singapore to unveil the region’s key banking heavyweights and other participants elaborate on their use cas

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A 2-day seminar is scheduled to be held in Singapore to unveil the region’s key banking heavyweights and other participants elaborate on their use cases for blockchain. Blockchain developers will not be left behind and are slated to present their own insights. The conference dubbed blockchain for finance Asia Pacific begins on June the 20th and ends on the 21st. This momentous meeting will witness banks, building societies, credit unions along with other related participants discussing and assessing use cases along with proof of concepts for upcoming blockchain applications. The FinTech Network will have the honor of hosting the event.

According to the conference schedule, the key speakers will comprise of delegates from 2 giant Japanese banks; Mizuho Financial Group and the Bank of Tokyo Mitsubishi UFJ (MUF). The director of research from the banking blockchain consortium, R3 that now numbers over 70 of the world’s largest financial establishments and headquartered in New York, is also scheduled to attend this event. Not mentioning the deputy director of the Singaporean Central Bank together with a number of delegates from financial establishments in Europe and elsewhere.

Japanese banks very enthusiastic of blockchain

The MUFG operating from Tokyo, Japan is about to be the first pioneer globally of its kind to release its own cryptocurrency based on blockchain sometime this year. This venture was initially unveiled in the early months of 2016. While confirming tests were carried out in the middle of the same year and just before its end. MUFG is the biggest bank in Japan and has already invested in US bitcoin exchange; CoinBase. CoinBase is now poised to extend its reach in the Japanese market. This Japanese bank has also been running a trial for a digital check that is based on blockchain in this event’s host country Singapore. In doing this, it has made use of the FinTech regulatory sandbox of Singapore’s central bank.

Mizuho has also launched tests on its own cryptocurrency with the help of IBM. To this end, the bank has run a trial which involves document-sharing and across-borders cryptocurrency settlements via affiliated firms on a distributed ledger. Mizuho is also partnering with bitFlyer, Japan’s most notable bitcoin exchange. Both of these banks have already accomplished national money transfer transactions on a blockchain created by bitFlyer. The proof of concepts, which was a total success was conducted for 9 months and ended in September 2016. 1,500 transactions/second was the optimal speed clocked on bitFlyer’s blockchain platform; Miyabi. This speed is much higher than that of inter-bank wire systems’ peak speeds

The globe’s 2nd biggest bank in terms of assets, China Construction Bank, and the Singaporean Oversea Chinese Banking Corporation are slated to unveil their own blockchain ventures in this conference. When it comes to the regulatory end of things, the Singaporean Central Bank’s deputy director will elaborate on patent filings by key financial establishments. Along with their impact on the growth of the blockchain platform. Also, a Standards Australia delegate will talk on the efforts to develop global standards for inter-operativity of blockchain, which is a critical issue for the platform’s wider adoption. The ISO prior to the end of the previous year, directed Standards Australia to implement similar worldwide standards in blockchain utilization.

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