Japanese fintech Soramitsu and the Japanese Ministry of Economic Trade and Industry will conduct a feasibility study on introducing a central bank digital currency (CBDC) across the Asia-Pacific region.

The project, announced on June 21, will work with central banks including those of Vietnam, Fiji and the Philippines, according to a press release by Soramitsu. The company previously built Cambodia’s CBDC, known as bakong. 

Earlier this year, Soramitsu also launched an Oceania CBDC study