JCB, which is Japan’s largest credit card issuer, has teamed up with Tokyo-based TECHFUND, a leading technology accelerator, in order to develop a sustainable blockchain-powered transaction system.
As noted in a May 15 announcement, the partnership will involve leveraging TECHFUND’s expertise on cryptocurrency staking and security token offerings (STOs) to develop a new platform for facilitating transactions.
TECHFUND has established a program known as ACCEL BaaS (Blockchain as a Service) which will promote the adoption of blockchain technologies for startups and enterprises.
In December 2019, JCB had announced that it would be adopting a new B2B payments solution developed using blockchain or distributed ledger technology (DLT).
JCB Co., Ltd. was previously known as the Japan Credit Bureau. It’s mainly a credit card company headquartered in Tokyo, Japan. The company’s cards are accepted at all local JCB merchants and 20 other countries.
JCB reportedly has strategic alliances with Discover Network merchants in the US, several UnionPay merchants based in China, American Express merchants in Canada, and RuPay merchants in India.
There are reportedly over 69 million JCB card members globally. The company’s customers have used their cards to buy more than $62.7 billion worth of products and services annually in 190 countries.
Japan is planning to ease its investment rules and requirements, in order to make it more convenient for banks to invest in Fintech companies.
The country is hoping that more relaxed investment guidelines will promote the local lending industry. The lenient policies should help Japan transform its outdated business model by adopting the latest payments and financial technologies.