Japanese firms form a consortium to develop decentralized identities with applications in finance, digital securities, the metaverse, aligning with the global digital ID trend.
MUFG's Progmat Coin, with support from Mizuho, seeks to revolutionize settlements in Japan's payment ecosystem with lower costs and enhanced security amid rising stablecoin initiatives.
The consortium has brought together some of Japan’s largest firms, from banks to tech firms, and plans to launch the digital currency in the fiscal year 2022.
Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group had been working in partnership to develop a blockchain-powered system that would facilitate money transfers between users based on their mobile phone numbers.
Japanese banking titan Mizuho Financial Group is planning to launch a digital currency in March 2019, becoming the first institution of its size to offer this type of product.
