Japanese bank SMBC unveils Web3 and NFT business plans

Japanese bank SMBC unveils Web3 and NFT business plans
SMBC is partnering with a Japanese startup for researching, developing and promoting the token business in the country. 

On Friday, Sumitomo Mitsui Banking Corporation (SMBC), which operates the second largest of the three largest banks in Japan, announced its plans to enter the NFTs and Web3 market. 

The company will partner with blockchain startup Hashport, which provides tokenization and listing services in Japan, to establish a token business lab to survey, research, develop, conduct demonstration experiments for the promotion of the token businesses such as NFTs.

Hashport also owns a wallet business service for those working in the NFT space. 

SMBC, the Sumitomo Mitsui Banking Corporation owns more than 463 branches and visibility all over the world. 

The partnership will bring together SMBC’s business expertise and Hashport’s Web3 technical solutions. The press release states that the two companies ‘aim to build an ecosystem involving many players in the NFT domain. We believe that these efforts will contribute to the promotion of Web3 in Japan.’

The long-term goal of the partnership is to promote the utilization of the token business in Japan, launch a division to provide digital custody services as well as ‘commercialization support and consulting services to customers considering the token business, including the issuance of NFTs.’ 

Additionally, SMBC has plans to provide its own token service in the future and to join other Japanese companies like Rakuten in the digital asset sector. The banking corporation is encouraged by its massive customer base to set up its token business in the future. 

The financial groups’ entry into the Web3 and NFT industry follows other Japanese business firms' efforts in the field. This includes Mitsui Sumitomo Insurance Group, which is extending its services to the NFT space. The firm announced that it would offer insurance cover to NFTs on the Japanese HARTi platform which seeks to protect owners of insured NFTs in the event of malicious third-party activity such as hacking, theft and phishing.

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