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Japan’s largest IT equipment and service provider Fujitsu is partnering with Japanese Bankers Association (JBA) in process of testing vitality of running financial services on blockchain platform.

Fujitsu is a Japan based multinational information technology and services company with its headquarters located in Tokyo and was world’s fourth- largest IT services provider only after IBM, HP and Accenture as measured by IT services revenue in 2015. In this new pact, Fujitsu will provide a new blockchain platform built on the open-source Hyperledger Fabric code base that individual banks within the JBA's ranks can then use to test various business use cases.

JBA is the elite financial institutions’ umbrella organization that comprises of bank holding companies, banks and other banker association throughout Japan. In addition to providing guidance to banks on various issues, it gauges the efficiency of payment systems.

Member banks of JBA will start flourishing their own applications for the platform, testing new ideas to determine the existence of blockchain in real- world, all with affect from next month.

In recent news, SBI Ripple Asia will reportedly begin testing fund- transfer system applying Digital Ledger Technology between Japanese and South Korean banks. The company is a joint venture between Tokyo- based financial services firm SBI and DLT payments startup Ripple.

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