To eliminate the hesitation and concern that fintech firms and financial institutions are inclined to have in conducting unprecedented tests, the Financial Services Agency of Japan (FSA) has established the Fintech Demonstration Testing Hub (Hub).
The Hub will offer continuous support in cooperation with other relevant authorities as necessary by forming a special working team within the FSA for each selected project.
Following the Hub's establishment, the FSA announced on 2 November 2017 that it had selected its first project, which had fulfilled all requirements to provide its support through the Hub. The project is related to the system by which financial institutions jointly verify the identity of customers utilizing blockchain technologies. The project was applied by Mizuho Financial Group, Inc., Sumitomo Mitsui Financial Group, Inc., Mitsubishi UFJ Financial Group, Inc. and Deloitte Tohmatsu Group. This will run from November 2017 to March 2018.