Exclusive: BTMU, Hitachi test new check processing system in Singapore- Nikkei Asian Review
Hitachi, working together with Bank of Tokyo-Mitsubishi UFJ, has completed a prototype online cheque payment system based on blockchain. Although demand for these systems is low in Japan, the partnership has identified growth opportunities in the wider Asian market: Singapore completing 60% of its payments via cheque. Thus, trials for the group’s payment system begun in the country today, with hopes to commercialise it in 2018 at the earliest.
TOKYO -- Bank of Tokyo-Mitsubishi UFJ and Hitachi are developing a system for processing electronic check payments based on the blockchain concept behind the bitcoin digital currency.

The effort, taking place in Singapore, marks the first overseas venture by such leading names in Japanese banking or industry in the emerging field of financial technology. It is a field where Japan's banks have made a slow start.