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BTMU, Hitachi test new check processing system in Singapore

TOKYO -- Bank of Tokyo-Mitsubishi UFJ and Hitachi are developing a system for processing electronic check payments based on the blockchain concept behind the bitcoin digital currency.

The effort, taking place in Singapore, marks the first overseas venture by such leading names in Japanese banking or industry in the emerging field of financial technology. It is a field where Japan's banks have made a slow start.

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