Nomura Research Institute (NRI) in collaboration with Microsoft Japan has launched financial digital innovation consortium (FDIC) to boost innovation the financial services industry.

Initially 18 financial institutions will join the consortium and will perform proof of concept (PoC) studies on latest trends in financial technology.

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Microsoft Japan will act as executive office for the consortium and will provide technical support by offering its public cloud platform Microsoft Azure.

FDIC will concentrate on topics like financial cloud, advanced data utilization, and the applications of new technologies.

The consortium will also aim at improving operational efficiency of financial firms and expand their operational scope by sharing information and applying technologies like artificial intelligence, deep learning and blockchain.

NRI senior managing director Minoru Yokote said: “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.”