Mitsubishi UFJ Trust & friends establish new digital securities company

TOKYO, Sep 12 (News On Japan) - Eight financial and IT companies, including Mitsubishi UFJ Trust Bank and Sumitomo Mitsui Trust Bank, announced on Monday the joint establishment of a new company in October to streamline the overall exchange of assets, including securities transactions and inter-corporate settlements.

The new company will be responsible for developing and operating a common platform for trading digital securities such as stocks and corporate bonds. Furthermore, by issuing digital currencies, the new company aims to eliminate fees and provide an immediate settlement system for inter-corporate transactions, which currently involve multiple banks and incur fees and delays.

They plan to launch this service around the summer of next year.

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