Japan's ~40 Banks to Pilot Tokenized Deposit Transfers, Aiming for 24/7 Instant Settlement

Odaily News: Approximately 40 Japanese banks will launch a pilot project for mutual transfers of digital currency. The initiative, led by GMO Aozora Net Bank in collaboration with NEC's Abeam Consulting and fintech company DCP, will utilize tokenized deposits on the blockchain for transfers, with the goal of building a low-cost, 24/7 instant settlement infrastructure. This pilot is part of a support program under the Financial Services Agency's FinTech Proof of Concept Hub, with participants including Resona Bank, Shoko Chukin Bank, Yokohama Bank, and around 40 other institutions, while some additional banks will participate as observers. DCP plans to commercialize the service by fiscal year 2027.