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Mizuho Financial Group: Giant Japanese Bank to launch its Stablecoin

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Nikkei Asian Review reports that the financial group of Japanese banking Giant Mizuho will launch its stablecoin for payment and remittance services.

In the local financial newspaper of 21st Day of February 2019, Nikkei Asian Review reports that the financial group of Japanese banking Giant Mizuho will launch its stablecoin for payment and remittance services on 1st Day of March 2019.

 

Mizuho Financial Group is a public banking company which holds the company has total assets of $1.8 trillion above.

 

This stablecoin will be launched with the partnership of 60 peer financial institutions. It is reported that these financial institutions together have 56 million user accounts. “J-coin” Is the new currency which is being launched or introduced in the industry of digital currency and will be directly linked to the existing bank accounts with digital wallets.  

 

The currency will be managed by a mobile App which will dubb J-Coin Pay, using QR codes at checkout to complete retail payments.

 

According to the reports, the currency will be a digital currency and a stablecoin fixed at a price of 1 yen per unit. The transfer of J-Coins wallets and bank accounts will be free of charge.

 

Japan is already served by payment innovators such as e-commerce giant Rakuten and chat app provider Line, which has itself launched its own cryptocurrency and in-house blockchain. J-Coin wallets user will not be required to go through the credit check. These services will also be provided to the people of below 18 years of age. J-Coin wallets will also serve a more flexible range of payments and remittance services than traditional bank accounts — with options for colleagues to split bills or for family members to transfer pocket money.

 

Even after the megabank’s broad perspective user base and 60-member alliance, its target user outreach still falls short of Line’s existing 79 million Japanese users. Line Pay, moreover, is already reportedly supported at 1.3 million stores.

 

Mizuho is thus reportedly further pursuing a partnership strategy with Alibaba’s Alipay to help J-Coin Pay gain traction with stores. It also plans to charge merchants lower transaction fees than credit card services, which typically range between 2 to 5 percent.

Banking

Western Union entering the cryptocurrency space: Partnership with Thunes

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Western Union, the American financial services and communication giant has announced a partnership with Thunes which is partnered with Stellar.

Western Union, the American financial services and communication giant has announced a partnership with Thunes, a cross-border payments network which is partnered with Stellar.

 

Western Union partners with Thunes:

The financial services giant in collaboration with Thunes will allow users to send funds directly to the receiver’s mobile wallet. The process shall remain the same as the traditional transfer (online or through an agent).

 

Western Union is one of the most used platforms for making transactions worldwide. According to Sobia Rahman who is the head of the account payment network, Western Union has been progressing ahead in terms of expansion and enhancement the account payout portfolio that is to provide the users with more payout choices and to include the bank accounts, credit/debit cards along or wallets in the efforts.

 

According to Sobia, the aim of the company is to provide more accessible money transfers digitally focusing on to enable mobile transactions. He says that the partnership with Thunes will lend a helping hand in serving the users who are lacking the accessibility to the traditional banking services. With Thunes, the users shall be able to connect with financial services using a mobile wallet.

 

Thunes partnered with Stellar:

The most interesting part here is that Thunes has already partnered with Stellar in order to provide instant clearing, settlements, and execution for cross-border payments.

 

According to the CEO of Thunes, Steve Vickers, the Western Union will be benefitted by their partnership as their users will now be flexible while transacting cross-border. The Thunes platform interconnects the worldwide payment providers and allows interoperability amongst various financial systems.

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Banking

Six Banks to launch Stablecoins with IBM: Bull Market Coming?

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IBM has signed letters of intent with 6 large banking institutions to launch their own stablecoins backed by fiat and issued on Stellar blockchain.

IBM, the American multinational information technology giant announced on yesterday (18th March 2019) that it has signed letters of intent with 6 large banking institutions to launch their own stablecoins which will be backed by fiat currencies and issued on Stellar blockchain.

 

Large banks launching stablecoins:

According to IBM, the partnership will allow these banks to operate international transfers faster and cheaper than the current banking system. Out of the six banks, three have been publically named which are RCBC based in the Philippines, Banco Bradesco based in Brazil and Bank Busan based in South Korea. The other banks shall be announced soon. The network was launched yesterday, however, the banking institutions are still waiting for regulations.

 

Currently, one stablecoins run on the IBM World Wire which is backed by the US dollar and launched by a San Francisco startup called Stronghold.

 

According to Jesse Lund, the head of blockchain for IBM, they are initiating with the markets that arre based outside of the United States, however, they plan to focus on adding the United States as an operational endpoint within the current year.

 

The IBM World Wire has payment locations in seventy-two nations with forty-eight currencies and forty-six banks and money transmitters.

 

Impact on XLM:

The network shall also open up possibilities of the banking institutions using Stellar Lumens or XLM. XLM acts as a bridge between different fiat currencies in cases where the trading of different fiats becomes difficult.

 

Jesse Lund also added that the World Wire network could start supporting other cryptocurrencies in future, however, it currently supports just Stellar Lumes due to the volatility in the cryptocurrency market.

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HSBC Bank Looking to Expand Blockchain Platform Voltron in South Korea

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HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it's blockchain platform as reported by the Korean Times.

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it’s blockchain platform as reported by the Korean Times.

 

HSBC Voltron:

The Voltron platform delivers a more quick method to process and settle invoices using by using permissioned blockchain technology. The permissioned blockchain stops the transactional data from being shared with everyone but instead, the data is shared with only consented users. The platform decreases the time that is usually required for the total process.

 

According to Joshua Kroeker, the innovation director of HSBC, the platform would mostly impact the process timing. Thus the transparency which comes with blockchain, as well as the rapid flow, would help the banks in managing their working capital as well as their cash flows. Kroeker reached out to the banks in South Korea to partner with their blockchain platform i.e. Voltron for the letters of credit.

 

HSBC’s blockchain platform was initiated in 2018 and is currently partnered with seven banks namely Standard Chartered, Bangkok Bank, BNP Paribas, ING, CTBC Holding, SEB, and NatWest. The platform is still in its pilot stage however, it shall soon be launched commercially.

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