SBI Holdings, in collaboration with the card industry, launches an association to utilize block chain technology etc. where multiple participants share transaction history and authenticate each other. Major cards such as JCB (JCB), Sumitomo Mitsui Card, Credit Saison and others will participate. We will utilize technology to identify and share illegal transactions and aim for business efficiency and cost reduction in the card industry.
SBI ripple under SBI ripple Asia and JCB will be the focus, and proceed with demonstration experiments to utilize advanced technologies such as block chain and artificial intelligence (AI). Establishing an association in January, about 10 cards are expected to participate. In the card industry, we anticipate utilization of block chain technology by identity verification, sharing and prevention of illegal transactions, issuance of virtual currency by card companies, etc.
SBI Ripple Asia has launched a federation in which more than 60 banks participate, and has carried out demonstration experiments to utilize block chain technology. In the future, I would like to expand the association not only to the financial industry but also to other industries where Asia can utilize technology and Asia.