An executive from Japan’s Mizuho Financial Group has announced that Tokyo-based lender would start development on a new fintech venture in June to create a new global business.

Japanese lender Mizuho Financial Group is harnessing innovation and technology to launch a new fintech-powered business to bring Japan to the forefront of Asia’s race to lead the financial technology developments.

As Japan’s second -largest lender by assets, Mizuho would be well-placed to deliver a competitive solution to unsettle the country’s traditional players, with an executive announcing this week that more than 20 fintech projects are in the pipeline.

Blockchain technology, artificial intelligence (AI) and internet-of-things (IoT) were amongst the solutions behind the new ventures set to be released for various sectors including travel and farming.

Mizuho chief digital innovation officer, Daisuke Yamada said the lender would have to work carefully around legislative frameworks and ensure the developments costs remained on target as the projects progressed.

“If we try to pursue business innovation within the bank, we have to ask around for permission from people in risk management, compliance and others, it takes forever,” he said.

“If projects flop, all the costs wasted will be labor costs, we can move on to the next ones.”