The blockchain-based information network formed by US bank JP Morgan Chase & Co is drawing elevated levels of engagement from the Japanese banking sector according to Bloomberg.
The news platform reports that in excess of 80 banks have underlined an interest in the project, as the country’s finance sector seeks to strengthen its AML measures and procedures.
The Interbank Information Network was originally formed in 2017 and has reportedly outlined plans to expand into Japan at the start of 2020.
The network aims to significantly strengthen data sharing, which in turn increases security as well as increasing efficiency in transactions and KYC procedures.
The initiative has already attracted a myriad of renowned blockchain companies, including Facebook, as the social network eyes ambitious and accelerated growth for its Libra Coin.
It has also enjoyed an abundance of global collaborations with Deutsche Bank becoming part of the network in September and Singapore-based OCBC helping it strengthen its presence in Asia deeper into 2019.
JPMorgan continues to boost its presence, within blockchain after it also played a key role in the Monetary Authority of Singapore (MAS) successfully forming a blockchain-based prototype that enables payments to be carried out in different currencies on the same network.
Upon the agreement of the deal, Sopnendu Mohanty, chief fintech officer, MAS, underlined the value of blockchain within the region: “There is growing evidence now that blockchain-based payments networks are able to enhance cost efficiencies and create new opportunities for businesses.
“We hope this development will encourage other central banks to conduct similar trials, and we will make the technical specifications publicly accessible to accelerate these efforts.
“We look forward to linking up with more blockchain networks to improve cross-border connectivity. This will be a big step forward in making cross-border transactions faster, cheaper, and safer.”
Uniting with the network would be viewed as a step in the right direction for the Japanese banking sector, with it regularly being the subject of criticism over its AML procedures, which was found to have deficiencies in a 2014 investigation by the financial regulating body the the Financial Action Task Force.