Japanese financial giant, SBI Holdings (the Strategic Business Innovator Group) is aiming to start a new project centering Osaka & Kobe which can reportedly become the largest financial hub in the country focusing next-generation finance.
While embracing and deploying blockchain technology, with the new financial sector, Japan wants to open up the doors for fintech companies around the globe by delivering steadfast solutions related to novel technology for the growth prospects which would act as a magnet for foreign companies and skilled people.
To sprint further, Japan SBI Holdings is in talking terms with Osaka Prefecture and the government to initiate the process at the earliest. Japanese financial daily Nikkei (Nihon Keizai Shimbun) cited while referencing the interview with Yoshitaka Kitao, president and CEO of SBI Holdings.
According to Kitao, the introduction of the new financial sector in regional areas are vital, and just focusing on Tokyo can be risky for businesses, especially after the coronavirus pandemic. For Japan, a “new financial hub” is required. Meaning, Japan is in the process of shifting its Tokyo-focused approach and directing it to build a global financial hub in central Japan (Osaka & Kobe).
If given access in Osaka and Kobe, the place would also gain global status as an “international financial center” which allegedly the last chance for Osaka.
However, it is yet to see the plans of SBI Holdings to face various challenges to establish a foreign financial hub in Japan, being one of the major blockades is language.
One of the major partners of the 4th largest cryptocurrency-focused firm Ripple, SBI holdings, recently revealed the launch of CFDs for Bitcoin, Ether, and XRP via its subsidiary SBI FX Trade. The service is live on SBI’s forex trading platform. The company is offering investors to take leverage up to twice as high while trading in CFDs for Bitcoin (BTC), Ethereum (ETH), XRP, and Bitcoin Cash (BCH).