Japan Taps Soramitsu to Study CBDC in Vietnam, Fiji, Philippines, and Other APAC Countries

​Japan's METI (Ministry of Economy, Trade and Industry) has selected fintech firm Soramitsu to conduct feasibility studies on the introduction of CBDCs in Vietnam, Fiji, the Philippines, and other countries.

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Soramitsu has already worked with the central banks of Cambodia and Laos on CBDCs. A digital currency known as Bakong has already been introduced in Cambodia, and is being used to process both wholesale payments and retail payments.

A feasibility study is currently underway in Laos in partnership with JICA (Japan International Cooperation Agency). The study includes an assessment of the role of banks and other intermediaries in a Laotian CBDC ecosystem.

Drawing on these experiences, Soramitsu said it will approach and work with other APAC central banks to assess the feasibility of a CBDC based on relevant drivers, barriers, and socioeconomic conditions in the target countries.

The work will involve surveying stakeholder needs and assessing the prospects for introducing CBDC. It will also involve investigating financial infrastructural conditions, socioeconomic and policy needs, and the capacity of CBDC to address such needs.

In cases which are assessed as having high-potential, additional research will delve into the technical feasibility and potential socioeconomic impacts of specific CBDC models.