Sumitomo Mitsui Banking Corporation (SMBC), the second largest of the three banks in Japan, has announced that it plans to expand into its digital asset business, including non-fungible tokens (NFTs) and Web3 platforms. The company will partner with Hashport, a group that provides coding and insertion services in Japan, to launch a token work lab to test these new technologies.
The second largest Japanese bank to offer token and NFT services
Many traditional banking companies around the world are now considering entering the crypto and digital asset business. SMBC, Sumitomo Mitsui Banking Corporation, an institution with more than 463 branches and presence worldwide, has announce It will enter the crypto asset business, taking NFT and Web3 services as its main priority in this field.
To achieve this goal, SMBC has partnered with Hashport, a company that specializes in providing tokenization solutions and listing services. The press release notes that SMBC’s business know-how and Hashport’s Web3 technology solutions will allow the joint venture to build a service platform. It states:
We aim to build an ecosystem of many players in the field of NFT. We believe these efforts will contribute to the promotion of Web3 in Japan.
Business Code Lab
The result of the collaboration will be the creation of a commercial token laboratory, which will “participate in surveys, research and demonstration experiments related to the promotion of token business.”
This also coincides with the company’s long-term goal, which is to encourage the spread of token business in Japan and also to create a division to provide digital preservation services. However, the services that SMBC aims to provide go beyond these. The joint venture noted that the move aims to provide “marketing support and advisory services to clients considering token business, including the issuance of NFTs.”
SMBC Group is also considering launching its own token business in the future, building on its international presence and large, well-established user base. Other Japanese companies have also launched initiatives in the sector, including Rakuten, an online retailer that launched its own NFT Marketplace in February. In May, a subsidiary of the group also announced that it would partner with Bitbank, a Japanese crypto exchange, to provide crypto custody services to enterprises.
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