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Finance

Japan developing shared ID system for banks

Fintech innovation will employ blockchain technology

Blockchain technology will be employed in the shared banking ID system.

TOKYO -- Japanese consumers may soon be able to create a common identification to be used to open accounts at multiple banks and financial houses without the hassle of re-entering personal information.

A system overseeing the process will be jointly developed by the Financial Services Agency and various financial institutions. An administrative body for the system will also be established. The feature will be rolled out at the three megabanks first.

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