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Sumitomo Mitsui Trust Bank experiments blockchain for trust businesses

Japanese financial services company Sumitomo Mitsui Trust Bank, Limited, a subsidiary of Sumitomo Mitsui Trust Holdings, Inc. announced that it is commencing demonstration experiments in blockchain technology and AI in order to realize the innovation of trust business.

The bank’s main objective is to enhance its services in asset management and administration; real estate and banking businesses; working in cooperation with NEC Corporation and IBM Japan, Ltd.; among others. The bank will be inaugurating 4 demonstration experiments from October 2016, in trust related businesses like asset securitization, stock transfer agency, real estate brokerage/consulting, and global custody businesses; by exploring the potentials of blockchain technology and AI.

“The experiments aim to assess the possibilities and validate the effectiveness of utilizing revolutionary IT technologies to achieve dramatic improvement or streamlining of existing services and operations,” the release stated.

Sumitomo Mitsui Trust Bank has joined the consortium with working group SBI Ripple Asia Co., Ltd. that was established to explore domestic and cross-border remittances to create new remittance/settlement services utilizing blockchain technology. The bank is considering the robo-advisor services for individual clients with the aim to become operational by the end of this year.

“In order to propel fintech, SuMi TRUST Bank has established dedicated units and cross-divisional project teams to explore actual application possibilities and development of unique innovations,” it added.

The demonstration experiments include utilizing blockchain technology for asset securitization business in Wholesale Financial Services; enhancing call-center response to inquiries by utilizing AI technology in the Stock Transfer Agency Services; utilizing AI technology for analyzing real estate data in the Real Estate Services and exploring blockchain technology for global custody account opening workflow in the Fiduciary Services. Apart from this, there is a consortium membership in Global Markets / Retail Financial Services to explore new remittance/settlement services using blockchain technology.

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