Sumitomo Mitsui Financial Group (SMBC) Japanese Bank is planning to develop NFT Business

July 28, 2022

By Sharan Kaur Phillora

Sumitomo Mitsui Financial Group (SMBC Group) said on 22 July 2022 it is teaming up with blockchain firm HashPort to create a “token business lab” to develop non-fungible token (NFT) and Web3 projects, according to Yahoo!Finance.

Here’s what we know:

The move comes just several months after Japan’s biggest bank, Mitsubishi UFJ Financial Group (MUFG) announced its partnership with Animoca Brands to facilitate “the development of the NFT market.”

HashPort is a Japanese blockchain firm on a mission to “digitize all assets.” The Minato, Chiba-based company offers crypto listing and consulting services to numerous Japanese businesses, including digital asset exchanges.

Sumitomo Mitsui Financial Group and Hashport will set up a Token Business lab for Researching, Developing, Demonstrating, and Promoting Token Business.  After this collaborative development plan, Sumitomo Mitsui Financial Group extended its long-term goal of developing its fully owned token business. 

The partnership between SMBC and HashPort marks the latest major development in Japan’s Web3 space. Earlier this year, Mitsubishi UFJ Financial Group (MUFG) teamed up with a Hong Kong-based software and venture capital (VC) firm Animoca Brands to develop NFT projects.

However, it was not always smooth sailing. MUFG said in February it would close its blockchain payment venture due to slow profits.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.