Dragonfly Fintech Cuts Blockchain Deal with Nomura Research Institute (NRI) SBI Sumishin Net Bank

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Fintech startup, Dragonfly Fintech (DF), has signed a Blockchain research contract with the leading Japanese think tank and systems integrator Nomura Research Institute (NRI) in conjunction with the Japanese SBI Sumishin Net Bank. The purpose of the contract is to assess a core component of DF’s blockchain technology for financial use. The pilot solution with NRI and SBI Sumishin Net Bank will mark a new milestone for blockchain technology by using the DF blockchain technology to provide practical financial solutions. This pilot will position DF, NRI, and SBI Sumishin Net Bank as global leaders in using innovative blockchain technology.

DF has been working to provide practical solutions for banks, under the framework of its Automated Clearing and Electronic Settlement (ACES) initiative. ACES aims to create a low-cost next-generation electronic monetary system for banks, and this includes providing tools to meet compliance requirements. As part of ACES, DF has been developing advanced blockchain – distributed ledger – solutions for financial institutions based on its patent-pending business method, and Tech Bureau’s Mijin high-throughput NEM blockchain engine. Developed from the ground up, the NEM blockchain features tools to easily create digital assets and manage account security using multistage approvals. Additionally, the DF system provides a robust financial transaction recording solution with high availability and security.

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Dragonfly Fintech Pte Ltd, a Singapore-incorporated financial technology company, is a participant of the Open Network Lab incubation program run by Digital Garage Incubation, Inc., of Japan. The founders areLon Wong and Makoto Takemiya. Lon Wong is a serial technopreneur, and inventor of a patent-pending fintech business method. Makoto Takemiya, a PhD candidate at the University of Tokyo, is a core developer of NEM.

ACES is an innovative, distributed, and decentralised blockchain system capable of handling high-throughput required by global payments, clearance, and settlement systems. The ACES solution provides the financial industry with a new and efficient global standard for “direct payment”. Further, and to satisfy regulatory compliance and governance, it has a multistage approval capability which can be executed concurrently or in series, and ubiquitously in a peer-to-peer network. Using its patent pending method for digital currency, it converges existing payment methods into a simple multi-currency payment network – a “settlement upon transaction” platform. Here’s a paper on their technology.

About Richard Kastelein

In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ' The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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