Startup Dragonfly Fintech Transforms Banking Solutions

Piloting a New, Blockchain-based Financial System

Dec 16, 2015, 09:00 ET from Dragonfly Fintech

SINGAPORE, Dec. 16, 2015 /PRNewswire/ -- Fintech startup, Dragonfly Fintech (DF), has signed a 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.

About Dragonfly Fintech

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 are Lon 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.

Related link: http://dragonflyfintech.com/static/DF_Paper.pdf

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SOURCE Dragonfly Fintech