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.
- Known participants from raw entries: Nomura and Mizuho (previously announced).
Recent activity
- 20 Apr 2026. Tokenised 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 surfaced in current raw entries.
- Whether JSCC is itself a PIP participant or a counterparty external to the sandbox.