Concordium Joins FinTech Association of Japan to Support Financial Service Innovation

ZUG, SWITZERLAND / ACCESSWIRE / January 6, 2021 / Concordium, the privacy-centric, public enterprise blockchain, has become the first blockchain corporate member of the FinTech Association of Japan (FAJ). The Japanese non-profit organization is dedicated to creating an environment for supporting new technology-based financial services. It features more than 260 corporate members and 130 startups, and the Association works with over 20 international fintech companies including JP Morgan, Visa, and PayPal.

Concordium’s admission into the FinTech Association of Japan will allow the former to further explore applications for its public blockchain that utilize private transactions while working within a compliant framework which enables future compliance demands. Concordium supports blockchain payments between businesses and private persons in a manner, which are supporting regulatory transparency without disclosing sensitive financial information to third parties and with accountability towards regulators. In becoming a member of the FAJ, Concordium will strengthen its ties with global financial regulators, particularly those that pertain to Japan’s fintech industry.

Concordium CEO Lone Fønss Schrøder says: “Creating a blockchain where global financial and payment networks can be built and which that is ready to meet future regulatory standards on a global basis calls for forging deep ties with organizations in key economic regions, and we are working to increase the understanding of how public blockchain can be used to effect positive change and drive fintech innovation. It’s a privilege for Concordium to join the global leaders contributing to the FAJ efforts. We are looking forward to advancing ideas for improving the fintech space, through pioneering compliant systems that capitalize on public blockchain’s unique properties.”

Concordium is developed by a team of leading cryptographers, software engineers, scientists, entrepreneurs, and researchers. Founded by Lars Seier, founder of Saxo Bank, one of the world’s first fintech internet platforms. Its team includes Prof. Ivan Damgård, one of the world’s most respected cryptography researchers, and with former NASDAQ Vice-Chair Hans-Ole Jochumsen, Mastercards EVP, Global Strategy and Solutions, Peter Klein and Michael Jackson, Skypes former COO on its advisory board.

Designed to integrate with existing financial and business frameworks that require knowledge of the user to identify their identities, Concordium relieves businesses of the responsibility for storing and safeguarding customer data by introducing possibilities for building self-sovereign digital identities and taking advantage of Zero-Knowledge proofs.

Membership of the FAJ will support Concordium’s goal of driving real-world adoption of blockchain technology among enterprises, which can benefit from a self-sovereign identity layer that lets users anonymously and privately transact and share information.

About Concordium

Concordium is a next-generation public blockchain made by Concordium Foundation, Switzerland. Concordium’s core features solve the shortcomings of classic blockchains, it’s fast, secure, and scalable and the first blockchain to have identity management at the protocol level. Zero-knowledge proofs are used to replace anonymity with perfect privacy and have anonymity revoker features to support regulators’ transparency demands.

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About the FinTech Association of Japan

The Fintech Association of Japan promotes open innovation in the Japanese fintech industry by creating networking opportunities for its members, researching emerging market trends, and cooperating with domestic, international, and government organizations. The Association promotes the Japanese fintech ecosystem abroad and encourages the exchange of information internationally.

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Dan Edelstein

SOURCE: Concordium

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