Chain partners with Japan’s largest financial group

18/04/2016

Chain, the leading provider of blockchain technology infrastructure to financial institutions, announced today that it has partnered with Mitsubishi UFJ Financial Group (MUFG), the largest financial group in Japan, to build blockchain solutions for Japan’s financial sector.

“We are pleased to be working with Chain to explore the application of next-generation financial infrastructure that we believe could significantly enhance the experience for our clients” said Mr. Satoshi Murabayashi, CIO, in charge of digital innovation, at Mitsubishi UFJ Financial Group.

Chain and MUFG have started their partnership by collaborating on a blockchain proof of concept for Promissory Notes. The platform simulates an environment where businesses instantly and securely issue, transfer, sell and redeem Promissory Notes in a natively digital medium, with lower costs and risks for counterparties over traditional methods. The solution is designed to give businesses the privacy and confidentiality they require, while at the same time providing transparency to regulators and auditors.

“We are thrilled to be working with MUFG, our first partner in Japan” says Adam Ludwin, CEO of Chain. “The team at MUFG is innovating rapidly in the blockchain arena and it is our privilege to be supporting and powering their efforts with Chain’s platform.”

In addition to Promissory Notes, MUFG and Chain are exploring other areas where blockchain technology could improve payments and market infrastructure in Japan, and are including other institutions in these efforts. “Chain’s partnerships with financial institutions are strategic and long-term, as is our commitment to Japan” says Adam Ludwin.

chain.com

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