NRI, a leading global provider of system solutions and consulting service, and Microsoft Japan, today announced a joint decision between the two companies to establish the Financial Digital Innovation Consortium. The Consortium will be officially established on November 1, 2017, and will initially be composed of 18 organizations that will conduct proof of concept (PoC) studies on key trends in financial technology.

The Consortium’s focus will include hot topics such as the financial cloud, advanced data utilization, and the applications of new technologies. Working groups will conduct PoCs on:

 Financial Cloud application: Aims to standardize flexible and convenient cloud infrastructure with initiatives such as complying with FISC guidelines which is planned to be updated in March, 2018.

Advanced data utilization: Supports financial institutions’ digital transformation by increasing productivity, supporting sales activities, establishing sound relationship with customers and complying with regulations.

New technologies related to FinTech: Explores the possibilities of next-generation financial platforms by applying new technologies such as AI, deep learning and blockchain.

In addition, the consortium aims to improve financial institutions’ operation and expand their operation scope through the sharing of information. As a result, the consortium plans to increase financial institutions’ profitability by reducing workload, optimizing IT investments and shortening service release.

“NRI is very excited to be at the forefront of what we believe to be an extremely important gathering of the top organizations in Japanese financial services,” says Minoru Yokote, Senior Managing Director of NRI. “Through our work together, the consortium will be able to jumpstart innovation in Japanese financial services, driving companies to higher levels of efficiency and optimization through FinTech.”

NRI will drive the discussion among the consortium, utilizing the company’s accumulated knowledge through providing ICT service to financial institutions. Microsoft Japan will facilitate the consortium as an executive office while providing technological support including Microsoft Azure, a public cloud platform the consortium will use at the core of its operations.