Hitachi has established a new research arm called Financial Innovation Laboratory, a “FinTech research organization” in the Silicon Valley office of Hitachi’s Global Center for Social Innovation - North America (CSI-NA).
Based in Santa Clara, California, operations of the research lab are expected to commence from April 2016. The new organization will work together with CSI-NA in areas such as research & development of blockchain technology and on collaborative creation with financial institutions.
Hitachi established CSI-NA in April 2015 to pursue collaborative creation with strategic partners in the Americas, and established a new dedicated research facility in Silicon Valley in January 2016, gathering researchers specializing in big data analytics, information and communication systems, and user experience design to accelerate collaborative creation with customers.
For its fintech portfolio, Hitachi has been intensifying various initiatives such as the launch of the “Hitachi Mobile Cash Card Service” in December 2015 in Japan, enabling smartphones to be used like cash cards for financial transactions. Hitachi also joined the “Hyperledger Project,” an open source project established by the Linux Foundation as a board member in February 2016.
By establishing the fintech labs in the Silicon Valley, Hitachi plans to accelerate research & development of blockchain technology, collaborative creation with customers, and development of solutions to support business innovation in financial institutions.