Speaking at the Future of Asia forum organized by Nikkei
in Tokyo, Japanese Prime Minister Fumio Kishida emphasized the importance of "co-creating" the future with Asian partners to address regional challenges and promote economic growth.
As part of this co-creative approach, Japan is committed to supporting startups in the Indo-Pacific region, which he referred to as the "new frontier of innovation."
In parallel with these developments, Asia's burgeoning fintech landscape is leveraging the power of blockchain technology, positioning the region as a major hub of innovation. Fumio Kishida highlighted Cambodia's Bakong central bank digital currency project
as an example of successful international collaboration and innovation, which SORAMITSU had the privilege to develop, and recalled his vision of "[...]creating a second and third Bakong by creating a chain of innovation that transcends national borders,"
Bakong, the first central bank digital currency in Asia, allows underbanked individuals to make money transfers using their smartphones, as well as providing a blockchain-backed infrastructure to Cambodia's Central Bank. Kishida expressed his belief in the potential for more innovations like Bakong and envisions creating a "chain of innovation" that transcends national borders.
Based on SORAMITSU's previous press release
on supporting the Asian fintech momentum through Central Bank Digital Assets and Digital Risk Management, Andrew Wong, COO of SORAMITSU Group, mentioned: "To maintain its core values and long-term competitiveness, the Asia-Pacific region has invested in the foundations that can enable it to build a culture of innovation and entrepreneurship. At SORAMITSU, we are humbled and honored to support this effort in a meaningful way."
While Western nations continue to deliberate on adopting CBDCs and CBDAs, Asia is already taking substantial strides forward, with countries like Cambodia and Lao PDR leading the way.
In conclusion, Japan's commitment and our efforts at SORAMITSU are aligned with establishing the Asia-Pacific region as an emerging leader in the adoption of blockchain technology to propel economic growth in the area.
The advancements we are witnessing and contributing to in Asia offer invaluable insights for the West and invite opportunities for global collaboration and shared growth in the rapidly evolving, interconnected world of fintech.