January 29, 2021 Approval to JICT’s Decision on Project Support

The Minister for Internal Affairs and Communications (MIC) has today approved an application of Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (headed by President & CEO, Yoshiyuki Fukuda) for support for a project on the development of financial ICT infrastructure and service provision in Europe and the Asia-Pacific (APAC) region.

1. Background

Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (JICT, headed by President & CEO, Yoshiyuki Fukuda) submitted an application to the Minister for Internal Affairs and Communications based on the provisions of Article 25, Paragraph 2 of the Act on the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (Act No. 35 of 2015). This application is related to approval to the project on the development of financial ICT infrastructure and service provision in Europe and the Asia-Pacific (APAC) region.
In response to the application, the Minister examined the content of the support and the target project according to the support standards for the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (MIC Notice No. 412 of 2015) and has confirmed that the project meets the support standards. Accordingly, the Minister has today approved the application as requested.

2. Target project

JICT, together with NEC Corporation (NEC), will participate in the development of financial ICT infrastructure and service provision in Europe and the Asia-Pacific (APAC) region financial ICT infrastructure development in Europe, led by Avaloq Group AG in Switzerland. Therefore, out of the total project cost of approximately 2.05 billion Swiss francs, JICT plans to invest approximately 300 million Swiss francs* (35 billion yen).

• *
  One Swiss franc was converted at 115 yen.

The target project will combine know-how and customer bases related to financial business and NEC’s project of communications network technology and authentication and data analysis technology and e-government (digital government) in Europe and the Asia-Pacific region. The project aims at 1. Developing ICT infrastructure for financial institutions. 2. Providing financial services utilizing ICT. 3. Performing services, including the linking of administrative and financial systems.

Overview

1. Target project

Project on the development of financial ICT infrastructure and service provision in Europe and the Asia-Pacific (APAC) region

2. Target area

Europe and Asia-Pacific region centered on Switzerland

3. Decided amount of JICT support

35 billion yen

4. Total project cost

Approximately 2.05 billion Swiss francs

5. Co-sponsor

NEC

6. Investment execution period

In or after February 2021