The Japanese fintech company Soramitsu is developing a cross-border payment system for Asian nations using central bank digital currencies (CBDCs).
They have incorporated CBDCs from Laos and Cambodia, like the Bakong CBDC. This system aims to facilitate digital transactions involving stablecoins tied to established legal currencies.
Bakong’s success is evident from its widespread use, serving millions of users across nations like Malaysia, Thailand, and Vietnam, with ambitions to expand further, potentially partnering with China and India. Soramitsu also plans to launch a specialized stablecoin exchange in Japan.
They are collaborating with organizations like Mitsubishi UFJ Trust and Banking to address complexities arising from using multiple blockchains. Thanks to changes in Japan’s payment legislation, banks can now create stablecoins, leading to the imminent launch of yen-backed stablecoins by local companies.
Soramitsu has partnered with Vivit and Tama University Center for Rule-making Strategies to connect Japanese businesses with the Southeast Asian market, catering to areas with limited traditional banking services but high smartphone usage.
