GMO, a Japanese multi-billion-dollar tech conglomerate, launched the new internet banking business. The group also announced that the new business will use blockchain technology so as to facilitate cheaper and faster financial services.
GMO Aozora Net Bank
In a statement on Tuesday, the GMO Internet Group said that it was partnering with Aozora Bank Group to launch the GMO Aozora Net Bank. The two companies have been working on the initiative since July 2016. The platform will use Internet of Things (IoT), artificial intelligence (AI) and blockchain to offer financial services.
Growth of cashless society
We have seen the emergence of a cashless society as a result of the emergence of smartphones and financial technologies. This has led to new financial services. Following the trend, the new bank will be using blockchain technology to process transactions. As opposed to the traditional banking system, the new system gets rid of the need for a middleman or overseer.
In a statement, the new bank said that the technology has increased hopes and expectations for success in building safer and affordable financial and payment system.
Aozora Bank will own 85.1% majority stake in the new internet company. GMO Financial Holdings and GMO Internet will equally share the remaining stake.
The new internet bank says it will be guided by five pillars. These are speed, security, convenience, cheapness and new experience. The bank has plans to transform into a “platform bank” in the future. As a platform bank, it will be able to license its services to other companies from different industries.
The launch of the internet bank in May 2017 comes after the company launched its cryptocurrency exchange. Since the announcement, the company has made several other milestones. It has opened Bitcoin mining operations in Europe. Additionally, the company pays its employees in Bitcoin. Recently, the company announced that it would launch its cloud mining service for Bitcoin and Bitcoin Cash in August.
It was last month when GMO launched its own mining rig. This is the first crypto rig to be produced in Japan.