Mizuho Teams Up with World Innovation Lab to Roll Out New Fintech Unit

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 Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term 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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term, 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.