Fintech startup, Dragonfly Fintech, has formed a partnership with Nomura Research Institute (NRI), a leading Japanese think tank and systems integrator, and Japanese SBI Sumishin Net Bank.
The project will assess a major component of Dragonfly’s blockchain technology for financial use. The pilot solution with NRI and SBI Sumishin Net Bank will use blockchain tech to provide practical financial solutions.
Dragofly has apparently been working on practical solutions for banks, under the framework of its Automated Clearing and Electronic Settlement (ACES) initiative. ACES is being positioned to create a low-cost next-generation electronic monetary system for banks, including provision of tools to meet compliance requirements.
Within ACES, the startup has been developing distributed ledger solutions for financial institutions based on its patent-pending business method, and Tech Bureau’s Mijin high-throughput NEM blockchain engine.
Developed from the ground up, the NEM blockchain features tools to easily create digital assets and manage account security using multistage approvals. Additionally, the DF system provides a robust financial transaction recording solution with high availability and security.
Dragonfly is based in Singapore and is a participant of the Open Network Lab incubation program run by Digital Garage Incubation, Inc., of Japan. The founders are Lon Wong and Makoto Takemiya. Wong is an entrepreneur and inventor of the patent-pending method, while Takemiya, a PhD candidate at the University of Tokyo, is a core developer of NEM.