OREANDA-NEWS. March 31, 2016. NEC Corporation (NEC; TSE: 6701) today announced the establishment of a FinTech Business Development Office on April 1 in order to drive the digital innovation of financial services. This office will be established within NEC's Business Innovation Unit, where it aims to drive growth by promoting business model innovation.

The FinTech Business Development Office will begin operations with approximately 20 staff and pursue business opportunities worldwide in collaboration with companies spanning all business sectors and reaching across markets such as North America, Singapore, India and Europe. The Office will subsequently expand in stages.

The FinTech Business Development Office will articulate NEC's cross-organizational FinTech (Financial Technology) business strategy and promote new business through open innovation. In this way, NEC aims to offer FinTech services that address important social issues such as financial inclusion and cyber security.

Moreover, NEC plans to leverage its technologies for biometric authentication, security, "blockchains" (digital records of asset ownership), Artificial Intelligence and system integration capabilities.

In addition, the Office will closely collaborate with the NEC Design Center (established in April 2015), which develops solutions for promoting NEC's social solutions business.