SBI Holdings, the Japanese financial giant and a major blockchain-focused institution has planned to set up a blockchain-based digital stock exchange.
It has been reported that Yoshitaka Kitao, the President and CEO at SBI Holdings, announced the company’s plans to collaborate with Osaka Prefecture to establish a new global financial hub.
However, the new international financial center will be located in Osaka and Kobe.
As per the report, SBI is planning to launch a digital stock exchange based on blockchain technology, as the exchange is expected to attract global fintech companies and contribute to the development of the financial hub.
Kitao highlighted that the establishment of the Osaka financial hub is the “last chance” for the city to “gain the status of an international financial center.”
Kitao further said that it is necessary to create new financial hubs in Japan by arguing that focusing just on Tokyo brings significant risks.
Japanese financial giant SBI Holdings proposes to set up a blockchain-based digital stock exchange in Osaka https://t.co/rgOOxCCAU0 — Cointelegraph (@Cointelegraph) September 4, 2020
The CEO also said that SBI is ready to take the lead in establishing Osaka and Kobe as a new global financial center.
SBI Holdings has established itself as a major company embracing blockchain technology as well as crypto-related developments.
Thus, SBI is known as a key partner of blockchain firm Ripple, which is building products on top of XRP, the fourth-largest cryptocurrency by market capitalization.