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Japan’s Mitsui Introduces Security Token Service to Sony Bank Customers

Web3 & Enterprise·June 12, 2023, 2:10 AM

According to a press release, Mitsui & Co. Digital Asset Management (MDM), a blockchain-based asset management company in Japan, forged a partnership with Sony Bank, a member of Sony Financial Group, to introduce its security token service, Alterna, to the Tokyo-based online bank’s clientele, beginning June 9.

Photo by Aleksandar Pasaric on Pexels

 

Bank customers

MDM aims to establish security token funds and offer them to Sony Bank customers via Alterna, aiming to facilitate stable asset accumulation. This partnership will allow Sony Bank to provide a broader range of financial services.

Under the agreement, MDM has entrusted Sony Bank to handle the process of gathering customers interested in purchasing security tokens offered by Alterna. Sony Bank, as MDM’s first online banking partner, will introduce the security token service platform to its customers. MDM is responsible for designing and selling security tokens through Alterna, which will benefit Sony Bank customers.

Alterna enables users to transfer funds to securities accounts on its platform without any charges, 24/7. Through the partnership, users can move funds from their Japanese yen deposit accounts at Sony Bank to the accounts available on the Alterna platform. This interlinking of securities and bank deposit accounts will furnish customers with a variety of options for asset accumulation through the use of security tokens.

 

Savings to investments

Both MDM and Sony Bank plan to encourage a shift from savings to investments, exploring the development of security tokens and related initiatives.

Alterna made its official debut last month, garnering more than 10,000 pre-registrants before its launch. Alterna enables individuals to invest in real-world assets, such as large-scale real estate properties, that generate stable rental income. With security tokens, the platform opens doors to previously inaccessible opportunities, requiring a minimum investment of 100,000 yen.

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