Soramitsu Building Interconnected Payment Network for Asia Using CBDC
Soramitsu, a Japanese fintech developer, is working on creating an interconnected payment network that links Japan, India, China, and Southeast Asia. This network will be powered by Cambodia’s central bank digital currency (CBDC) called Bakong. Bakong has already enabled billions of dollars worth of transactions across Cambodia, Malaysia, Thailand, and Vietnam. Now, Soramitsu aims to expand this cross-border digital payments system to other regions of Asia, including India, China, Southeast Asia, and Japan. Soramitsu plans to leverage the recent payment law change in Japan that allows banks to issue stablecoins, and create a Japanese exchange for stablecoins to facilitate currency exchange between different nations.
Key Points:
- Soramitsu is building an interconnected payment network for Asia using Cambodia’s CBDC, Bakong.
- Bakong has already enabled billions of dollars worth of transactions across Cambodia, Malaysia, Thailand, and Vietnam.
- Soramitsu plans to expand the cross-border digital payments system to regions including India, China, Southeast Asia, and Japan.
- With the recent payment law change in Japan, Soramitsu aims to create a Japanese exchange for stablecoins to streamline currency exchange.
- The stablecoin exchange will serve as an intermediary for swifter and more cost-effective transactions.
Hot Take:
Soramitsu’s efforts to build an interconnected payment network using CBDCs have the potential to revolutionize cross-border transactions in Asia. By leveraging Cambodia’s Bakong and creating a stablecoin exchange, Soramitsu aims to streamline currency exchange and reduce costs for residents in different nations. This project aligns with the growing interest in CBDCs and stablecoins across the region. If successful, it could pave the way for increased financial integration and economic growth in Asia.
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