Mr. Koji Fusa
Mr. Koji Fusa was Born in 1959. Graduated from Faculty of Science and Engineering, Waseda University. Worked for an investment bank while studying at Oxford University. After becoming a major European investment bank, he became independent in 2006. November 2017 Established GVE Co.Ltd.
─What is EXC?
■ A digital currency platform that utilizes the NFC (Near Field Communication Standard) installed in smartphones, developed by the Company (GVE). Now, the world’s central banks are beginning to consider issuing digital currency, regardless of whether they are developed or developing countries. Facebook also plans to issue its own cryptocurrency libra. On the other hand, the EXC platform we developed does not provide a unique digital currency such as Libra, but an infrastructure that supports digital payments in all existing currencies such as dollars, yen, and emerging currencies. I can say that. The available environment is easier to understand than Libra. Libra is used by 2 billion Facebook users around the world via SNS. On the other hand, since EXC can be used if there is an NFC currently in the world’s approximately 6 billion smartphones and a “3G” or higher network, there are a huge number of potential users.
Will the central bank become a customer?
■ One of the main customers. In particular, developing countries’ central banks are interested in EXC, and discussions are already underway with 7-8 countries. Reasons from developing countries are also related to the events that led to the development of EXC. In 2015, my instructor, Oxford University, requested that the Myanmar leader Aung San Suu Kyi support the economic reform project. One of several plans is the issuance of digital currency. So I called out to me as a financial expert. In Myanmar, where the population exceeds 50 million, the penetration rate of smartphones has risen to 70% of the population in 2015, with one in the home. Moreover, the 3G environment was in place. On the other hand, the bank account holding rate is less than 10%. In rural areas, there are also problems such as high interest lending and debt pickling. Therefore, it was a request to create a digital account that could be managed by the central bank. Later, I received consultation from the Nepalese government, who had a problem that their own currency was not popular.
How did the development proceed?
■ We thought that by connecting 3G and 6 billion smartphones, we could create a system that could, for example, conduct dollar transactions and RMB transactions. On the other hand, it was also found that the issue of digital payment is security. Therefore, in Japan, Mr. Susumu Kusakabe, who developed the non-contact IC card technology “FeliCa”, which is the basic technology of electronic money such as “Watermelon” and “Eddie”, during the Sony era. Mr. Kusakabe is my senior at junior and senior high school, and he was well known, but above all, he needed knowledge as a developer of Felica. Felica has been in practical use for more than 20 years, but has not been severely damaged by cyber-attacks, and its safety is outstanding compared to other existing payment-related technologies. Therefore, Mr. Kusakabe started as a technical consultant and started making EXC specifications. -As a result, it became a highly complete invention, so GVE was established in 2017. In April 2018, a patent was granted in Japan. Currently applying internationally in the US and Europe
How is safety secured?
■ Guaranteed by the patented “3-way database method”. Transactions are recorded in three databases literally. That is, (1) “Account database” that records when and where money enters and exits like a bank, (2) “Transaction database” that records transactions by numbering in chronological order, and (3) Money As a countermeasure against laundering (fund laundering), a “coin database” is created that enables tracking by assigning a serial number (ID) such as banknotes to digital currency. If, try to hacker attack
Even so, it would be virtually impossible to alter the bookkeeping in three directions because of the huge cost and time.
Usability and cost. ■
The points that the International Monetary Fund (IMF) demands for payment systems can be summarized into 1) settlement speed, 2) convenience, 3) openness (connected to any system), 4) safety, and 5) low cost. EXC meets all. For example, EXC’s theoretical payment processing capacity is 200,000 transactions per second. In addition, cost is very cheap also feature applied to the system, can cope with a small remittance of less than one yen if the bank transfer. In other words, it is suitable for “micropayments” required in developing countries.
How to put it into practical use.
■ It is a big issue. So far, we are using the Oxford University network to respond to each project, but in the future, we would like to use marketing companies and other means to make it known. EXC can be the basis of not only payment but also an e-government system called “e-Government”. We see widespread demand not only in developing countries.