'Japan Megabanks To Tap Blockchain And SWIFT For Instant Trade Payments; Cross-Border Settlement System Aims To Slash Transaction Costs For Businesses' - Nikkei Asia
Portfolio Pulse from Benzinga Newsdesk
Japan's three megabanks, including Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group, are developing a blockchain-based framework for instant international payments. This system aims to reduce transaction costs and is expected to be commercially available next year.
September 04, 2024 | 4:15 pm
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POSITIVE IMPACT
The iShares MSCI Japan ETF (EWJ) may see positive impacts as major Japanese banks innovate with blockchain technology, potentially boosting the financial sector's performance.
As major components of EWJ, the success of Japanese banks in blockchain could positively influence the ETF's performance by enhancing the financial sector's growth prospects.
CONFIDENCE 85
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Mitsubishi UFJ Financial Group is part of a consortium developing a blockchain-based payment system to reduce transaction costs, potentially increasing its competitive edge in international finance.
MFG's involvement in developing a blockchain-based payment system could enhance its service offerings and reduce costs, likely benefiting its financial performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80