Aeon Financial Service and IBM Japan announced they are building a blockchain-based financial platform for the Asian market.
With the blockchain technology, the platform is expected to enable Aeon Financial Service to provide enhanced financial services such as settlement and transactions for both consumers and enterprises in Japan and throughout Asia, including virtual currency payments between individuals and businesses, loyalty points allocation and redemption, and transaction data management.
Aeon Financial Service provides a range of services including banking, credit and micro-finance to customers in Japan and 11 other countries across Asia. The company is working with IBM to develop a new payment network for consumers and enterprises in both Japan and the Asia region using advanced technologies like blockchain.
The trial will be conducted on Hyperledger Fabric, a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation. Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies.
In the trial, IBM Japan will provide technical support to Aeon Financial Service for the technology implementation in the finance sector, as well as associated technology development services. The platform will draw upon Aeon’s technical expertise in networking and blockchain technology. The initial pilot will evaluate blockchain’s effectiveness across these key areas to assess its ability to scale.
“Based on settlements and transactions, Aeon Financial Service is working to build a platform that will offer various financial services such as virtual currency payments and loyalty points exchange and redemption not only to customers in Japan but also throughout Asia,” said Masaaki Mangetsu, managing director of Global Business Strategy at Aeon Financial Service. “We foresee great opportunities in using blockchain to build this platform, and will aim to use it to improve our current financial services offerings, as well as offering new services to underserved customers in Asian countries.”
Aeon Financial Service expects to begin the trial of the platform in July as the first stage of the proposed plan to develop the platform.