The New Player in Internet Banking
In a bold move, Japanese internet services powerhouse, GMO Internet Inc., has waded into the murky waters of internet banking. On July 17, 2018, the company announced its new banking venture which utilizes blockchain technology as a key component. It seems that everything from sushi to soca beats is getting a blockchain twist these days, so why not banking?
A Partnership to Watch
This venture isn’t just a solo mission. The ‘GMO Aozora Net Bank’ project is a collaboration among GMO Internet, GMO Financial Holdings, and Aozora Bank, marking a multi-party investment in new financial technology. With brainstorming that began way back in July 2016, these financial wizards seem determined to revolutionize the banking landscape.
High-Tech Meets High Finance
GMO isn’t just stopping at blockchain. The company is looking to marry this new endeavor with trends like artificial intelligence (AI) and the Internet of Things (IoT). Talk about a tech trio! By embracing these technologies, GMO aims to hit the sweet spot between modern banking and the demands of today’s tech-savvy customers.
Services Tailored for the Digital Age
It’s not just a fancy setup; the banking strategy will cater to both corporate and retail clients, emphasizing products that align with e-commerce needs. Imagine doing your grocery shopping and banking services in the same breath—those days might soon be upon us. Services including deposits and currency exchange are just the tip of the iceberg, with plans to offer products through partner securities firms.
A Financial Powerhouse in the Making
GMO Internet showcased its financial prowess by reporting ¥43.705 billion (approximately $387.5 million) in net sales in Q1 2018, reflecting a respectable increase of 17.5 percent from the previous year. That’s an impressive tick up, so they must be doing something right!
Building on a Crypto Foundation
Embracing blockchain as the backbone of its new banking service fits perfectly into GMO’s existing portfolio. The company is already a player in the cryptocurrency game, operating its own crypto exchange, GMO Coin, and maintaining a major mining operation. Plus, they’re even doling out employee payslips in Bitcoin. That’s what we call commitment!
Security First
Despite the tech-savvy approach, GMO isn’t ignoring security concerns either. After the notorious $530 million hack of Coincheck, they pledged to bolster their data security. It seems they’ve learned that when it comes to digital finances, being cautious is just as important as being innovative.
What’s Next?
As if all this wasn’t enough, GMO recently announced the launch of its Bitcoin-based application for in-game rewards, named ‘CryptoChips,’ set to debut this August. It’s clear they’re not resting on their laurels, but rather pushing full steam ahead into unexplored territory. Whether this will pay off is still uncertain, but one thing’s for sure: they are making waves.
+ There are no comments
Add yours