Japan’s big three banks, MUFG, SMBC and Mizuho are collaborating on a digital identity solution with two regional banks Fukuoka Financial and Shizuoka, the Nikkei reported. The big three are also backers of the Progmat tokenization solution founded by MUFG.
The aim is for individuals to store data such as their name, address, date of birth and perhaps a driver’s license on their mobile phones as a credential that they can share. DLT ensures that the content has not been tampered with.
Subject to sorting out legal issues, the goal is to start trialing the solution later this year and potentially launch it next year.
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