Bank of Tokyo-Mitsubishi UFJ, working together with Hitachi, has completed a prototype online cheque payment system based on blockchain. Although demand for these systems is low in Japan, the partnership has identified growth opportunities in the wider Asian market: Singapore completing 60% of its payments via cheque. Thus, trials for the group’s payment system begun in the country today, with hopes to commercialise it in 2018 at the earliest.
Hitachi, working together with Bank of Tokyo-Mitsubishi UFJ, has completed a prototype online cheque payment system based on blockchain. Although demand for these systems is low in Japan, the partnership has identified growth opportunities in the wider Asian market: Singapore completing 60% of its payments via cheque. Thus, trials for the group’s payment system begun in the country today, with hopes to commercialise it in 2018 at the earliest.