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SMBC Director Credits Blockchain for Evolution of Fintech

Masahiko Oshima, Director and Deputy President of Japanese banking giant SMBC, has explained how the application of blockchain technology is increasingly expanding business-to-business (B2B) services over business-to-consumer (B2C) trading and other fintech-related activities.

According to Masahiko’s statement, blockchain aims to pioneer a crypto-efficient atmosphere to transform the world’s fiat-to-crypto trading and to change the ancient process of issuing transactions that, he argues, has not changed for about several years.

In light of this, he remarked that the technology continues to strive to drive more innovative services as it is constantly expanding wholly into the B2B sector.

SMBC’s financial hub plans to add new value to both domestic and overseas customers as well as other banking services and increase productivity to mainstream adoption by incorporating blockchain applications.

Director Masahiko said,

The evolution of technology has brought about major changes in the way we live and do business in various fields.  Even in the financial industry, we will add new value to our customers by actively incorporating new technologies such as blockchain. We are focussing on improving productivity by improving the efficiency of our own work.

He continued that the enterprise blockchain has an absolute capacity and the will power to develop and delve into the finance world.

Masahiko said SMBC, the Japanese megabank, will partner with Marco Polo’s blockchain-based network which is affiliated with the Bank of America, BNP Paribas, Commerzbank, and ING to accelerate the digital transformation of the firm.

Fintech is arguably one of the most favorite use cases of blockchain. Aside from traditional payment systems piloting blockchain for their systems, the rise of decentralized finance (DeFi) may prove the case, such as Director Masahiko explained, for the said technology.

CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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