Allied Architects Partners with Sowaka on Japan Web3 Wallet

Allied Architects Inc., which designs marketing communications using the power of data and creativity and supports corporate marketing digital transformation, is pleased to announce that it has entered into a Memorandum of Understanding  with Sowaka Pte. Ltd., provider of the Web3 super app “Avacus,” to consider a business alliance for the purpose of jointly developing a wallet business in the Japanese market.

Background and purpose of this partnership

Digital assets such as cryptocurrencies, stablecoins, and NFTs are rapidly developing globally as a new infrastructure for remittance, asset management, and financial products. However, in Japan, there are still only a limited number of wallets that are “secure,” “easy to use,” and “corporate compatible” enough for practical use.

“Avacus,” provided by Sowaka, is a next-generation Web3 super app with intuitive chat-based operability and advanced security design. By combining Sowaka’s technological capabilities with our domestic business base, we aim to build a digital financial wallet for the Japanese market and contribute to the development of the digital asset ecosystem, and have therefore entered into this partnership.

Also Read: Siemens and IFS forge strategic Autonomous Grid alliance

Details of the business partnership to be considered

Through this partnership, the two companies will collaborate to build and operate a next-generation digital financial wallet for the Japanese market. Based on the technology platform of “Avacus,” the two companies will jointly consider wallet development that complies with Japanese laws and regulations, technical management and maintenance operations, business operations, sales and marketing activities, and the establishment of a customer support system.

This service targets high-net-worth individuals with asset management and investment needs using digital assets, as well as corporations considering the development of new financial services using digital technology, and will strive to meet advanced financial needs that have been difficult for traditional financial institutions to address.

Sowaka’s track record

Avacus, operated by Sowaka, supports a variety of digital assets including the yen-denominated stablecoin JPYC, and has a proven track record in the global market. In particular, the company has extensive experience and technical capabilities in the development and operation of wallet services that utilize JPYC.

Meanwhile, we are currently preparing to expand our business using JPYC and are in the process of building a system to promote digital asset-related businesses in Japan. Through this partnership, we aim to provide digital financial services optimized for the Japanese market by combining Sowaka’s technological capabilities and development track record with our business foundation in the domestic market.

Through this partnership, we are also considering future applications for payments, remittances, and business-to-business transactions using a variety of digital assets, including stablecoins and major altcoins, and will contribute to the development of digital asset infrastructure in Japan.

SOURCE: PRTimes