Japanese banking holding giant Mizuho Financial Group (MHFG) has teamed up with World Innovation Lab, a platform provider for US and Japanese startups, helping foster new developments in the fintech and Internet of Things (IoT) space, per a MHFG statement.
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In particular, the new initiative between the two venues will create new business services utilizing fintech innovations and IoT developments. MHFG and World Innovation Lab will also be establishing a joint taskforce aimed at rolling out a new unit by H2 2017. The newly launched unit will focus on a wide range of channels including commercial applications of technologies such as artificial intelligence (AI), big data, and blockchain, as well as the creation of disruptive new business models.
The development follows a number of discussions to on-board additional shareholders and funding from top Japanese corporations for fintech developments, namely Itochu Corporation, Sompo Japan Nipponkoa Insurance, and The Dai-ichi Life Insurance Company.
MHFG recently made inroads into the blockchain space last month after it, Mizuho Bank and IBM Japan unveiled the construction of a blockchain-based trade financing platform, promising to streamline trading operations and improve supply chain efficiency.