tl;dr
Japan's three largest banks, MUFG, Mizuho, and Sumitomo Mitsui, are collaborating on a digital identity initiative anchored on blockchain technology. The project aims to enable users to store personal information on their mobile phones and share it when needed, with enhanced security and user contro...
Japan's three largest banks, MUFG, Mizuho, and Sumitomo Mitsui, are collaborating on a digital identity initiative anchored on blockchain technology. The project aims to enable users to store personal information on their mobile phones and share it when needed, with enhanced security and user control. The banks plan to start trials later this year and launch the solution next year.
Japan has struggled with digital identity in the past, but the government is pushing for digitalization. Additionally, Japan has announced a partnership with Apple for digital ID support and a cooperative agreement with the European Union on digital identity management.
A new report by the local newspaper Nikkei revealed that the three—MUFG (NASDAQ: MUFG), Mizuho (NASDAQ: MZHOF), and Sumitomo Mitsui (NASDAQ: SMFNF)—have also invited Shizuoka (NASDAQ: SHZUY) and Fukuoka Financial Group (NASDAQ: FKKFF), two leading regional banks, to partner on the project.
The project envisions a new digital identity solution that enables users to store personally identifying information such as name, date of birth, address, and more on their mobile phones. They can then share these details at will, including when opening new bank accounts or obtaining credit cards. The solution will be underpinned by distributed ledger technology, enhancing security and giving users full ownership of their data.
Japan has struggled with digital identity over the past decade. Despite being Asia’s second-largest economy after China, it lags behind most of its peers on the digital front. Prime Minister Fumio Kishida’s government has been pushing digitalization in recent years, but it has yet to catch up with more advanced neighbors.
One of Japan’s biggest efforts is My Number, a 2016 digital identification system that the Kishida administration has revived over the past three years. Last year, My Number experienced widespread glitches, during which thousands received strangers’ identity documents. Months later, it was revealed that the system had linked over 130,000 My Number cards to the wrong bank accounts. Still, the Kishida government continues to push the initiative.
Last month, it announced a deal with Apple (NASDAQ: AAPL) in which Japan would become the first overseas market where iPhone’s Apple Wallet will support an official government-issued digital ID. The new feature will roll out starting next year. Japan also recently announced a cooperative agreement with the European Union on digital identity management. The two pledged to cooperate and share expertise on enhancing security in digital identity and explore simpler and more efficient verification processes.
Watch: Digital identity is a core part of Web3—here’s why YouTube video YouTube video width="562" height="315" frameborder="0" allowfullscreen="allowfullscreen"> New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
More about Mitsubishi UFJ Financial Group Inc ADR
Mitsubishi UFJ Financial Group Inc ADR
Mitsubishi UFJ Financial Group, Inc., a banking holding company, offers financial services in Japan, the United States, and Asia / Oceania. The company is headquartered in Tokyo, Japan.
Industry: FINANCE
Sector: COMMERCIAL BANKS
Symbol: NEC
Market Cap: 120.16B
Price-Earnings Ratio: 13.14
Dividend Yield: 0.78%
52-Week High: 543.96
52-Week Low: 0.229
Shares Outstanding: 6.505B
Public Float: 11.73B
Beta: -0.234
EPS: 0.006
More about Apple Inc
Apple Inc. is an American multinational technology company that specializes in consumer electronics, computer software, and online services. As of 2021, Apple is the world's largest technology company by revenue, totaling $274.5 billion in 2020, and the world's most valuable company since January 2021. Apple is also the world's fourth-largest PC vendor by unit sales and the fourth-largest smartphone manufacturer. It is one of the Big Five American information technology companies, along with Amazon, Google, Microsoft, and Facebook.
Industry: Technology
Sub-industries: Electronic, Computers
Market Cap: 320.59B
PE Ratio: 27.2
EPS: 32.46
ROE: 0.96
Dividend Yield: 6.44
Debt to Equity: 24.54
Current Ratio: 0.263
Revenue: 381.62B
Gross Margin: 195.36
Operating Margin: 0.007
Net Margin: -0.043