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Payment Innovation Project (PIP)

Project

The Payment Innovation Project is the FSA Japan sandbox under which Japanese megabanks have been running tokenisation and payment-innovation pilots, the formal route through which the April 2026 Nomura-Mizuho-JSCC tokenised JGB collateral trial on the Canton Network graduated to public announcement. PIP is the FSA-side counterpart to MAS Project Guardian and HKMA Project Ensemble.

What it is

  • FSA Japan sandbox for payment and tokenisation innovation.
  • Participants confirmed by public sources: Nomura and Mizuho (previously announced).

Recent activity

  • 20 Apr 2026Tokenised JGB collateral trial on Canton announced by Nomura, Mizuho, JSCC and Digital Asset. Two of the four (Nomura, Mizuho) are previously announced PIP participants.

Open questions

  • The full PIP participant roster, the graduation criteria, and any ongoing pilots beyond the JSCC-aligned trial are not publicly disclosed.
  • Whether JSCC is itself a PIP participant or a counterparty external to the sandbox.