Publication of Results from the Financial Services Agency's 'FinTech Proof-of-Concept Hub' Supported Project
VESS Labs, Inc. has concluded a proof-of-concept project supported by the Financial Services Agency's 'FinTech Proof-of-Concept Hub' regarding identity verification using Verifiable Credentials (VC). The project, conducted under the DID/VC Co-creation Consortium, evaluated schemes for complying with the Act on Prevention of Transfer of Criminal Proceeds and confirmed the feasibility of using VC for identity verification under specific conditions.
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- 📰 Published: April 1, 2026 at 01:20
- 🔍 Collected: April 1, 2026 at 01:06
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March 31, 2026
VESS Labs, Inc.
VESS Labs, Inc. has concluded a proof-of-concept (PoC) experiment regarding a scheme to conduct identity verification based on the Act on Prevention of Transfer of Criminal Proceeds (hereinafter, the "Act") using digital certificates (Verifiable Credentials, hereinafter "VC"). This project was considered by the "Identity Verification Subcommittee" (established in June 2024) of the DID/VC Co-creation Consortium (hereinafter "DVCC"), which is hosted by Mitsubishi UFJ Trust and Banking Corporation (President: Hiroshi Kubota; 50 member companies as of the end of March 2026). The project received support as the 9th case*¹ of the Financial Services Agency's "FinTech Proof-of-Concept Hub," and we are now publishing a summary of the results.
1. Overview and Results of the Proof-of-Concept Experiment
(1) Overview of the PoC
In this PoC, we verified the feasibility and effectiveness of a "new identity verification method" that aims to achieve both improved security and convenience by allowing users to manage and present the results of identity verification conducted by financial institutions under the Act as a VC on their smartphones.
We examined the following two schemes:
① Using a VC containing the results of identity verification performed by a financial institution, combined with a VC recording the results of reading IC chip information from identity verification documents such as the My Number Card, as a method stipulated in Article 6, Paragraph 1, Item 1, Sub-item (to) of the Ordinance for Enforcement of the Act (as of March 2025) (hereinafter, "Old To-method"). (Initial Scheme)
② Using an x.509 certificate issued by a business operator certified under Article 4, Paragraph 1 of the Electronic Signature Act, delivered in VC format, as a method stipulated in Article 6, Paragraph 1, Item 1, Sub-item (wa) of the Ordinance for Enforcement of the Act (as of March 2026) (hereinafter, "Wa-method"). (Final Scheme)
(2) Results of the PoC
This PoC demonstrated the potential for a "new identity verification method" that reduces the burden on customers during identity verification.
Regarding the initial scheme (①), we received a response from the relevant ministries stating that it cannot be used as the "Old To-method" because it cannot guarantee the user's presence at the time of VC presentation.
Regarding the final scheme (②), we received a response from the relevant ministries stating that it can be used as the "Wa-method," provided that the financial institution implements risk mitigation measures.
For details on the implementation results, please refer to the attached report below:
"DID/VC Co-creation Consortium [Financial Services Agency FinTech Proof-of-Concept Hub Results Report]"
https://www.tr.mufg.jp/houjin/dvcc/pdf/houkokusho.pdf
2. Future Challenges for the Social Implementation of VC
Moving forward, to examine various VC use cases not limited to identity verification and to realize and promote the social adoption of these schemes, we will organize detailed issues such as clarifying the division of responsibilities among business operators, and designing incentives such as business models and appropriate cost burdens for Verifiers based on cost-effectiveness.
3. Future Outlook
In the future, the DVCC will continue to collaborate with relevant ministries, private industry associations, and others to verify the legality and safety of new technologies while working toward the examination of VC use cases and the realization and social adoption of these schemes.
End
*1: About the Financial Services Agency's FinTech Proof-of-Concept Hub
In the "Future Investment Strategy 2017" (Cabinet decision in June 2017), the Financial Services Agency (FSA) announced a policy to implement measures to facilitate FinTech-related PoC experiments from the perspective of accelerating challenges toward innovation utilizing FinTech. Based on this, the Hub was established by the FSA to provide support to dispel the hesitation and concerns that FinTech companies and financial institutions often have when attempting unprecedented PoC experiments.
For issues that FinTech companies and financial institutions wish to clarify through experiments (such as compliance, risks in supervisory responses, and practical issues regarding legal interpretation that may arise when providing services to general users), continuous support is provided by a dedicated team within the agency formed for each individual experiment.
"Regarding the Establishment of the FinTech Proof-of-Concept Hub"
https://www.fsa.go.jp/news/29/sonota/20170921/20170921.html
"Regarding the Adoption of the 'Reuse of Transaction Verification Results Utilizing Digital Certificates' as a Supported Project for the Financial Services Agency's 'FinTech Proof-of-Concept Hub'"
https://www.tr.mufg.jp/ippan/release/pdf_mutb/241223_1.pdf
Participating Companies in the PoC (In Japanese alphabetical order, titles omitted)
[List of 38 entities including Mitsubishi UFJ Trust and Banking, NTT Data, VESS Labs, and various financial and technology firms]
[Overview of VESS Labs, Inc.]
Company Name: VESS Labs, Inc.
Location: Regus Shibuya Koen-dori Center, 1-23-14 Jinnan, Shibuya-ku, Tokyo
Representative: Kantaro Fujimori, Representative Director
VESS Labs operates a platform that supports the issuance and sharing of "trusted credentials" by utilizing Decentralized Identifiers (DID) and Verifiable Credentials (VC), under the mission of "creating a society where everyone owns their digital identity and can create new value through trust."
We provide "VESS Credential" for companies and local governments to verify and issue digital certificates, "VESS Wallet" for individual users to securely hold and present certificates, and "VESS AIdentity," an identity layer for AI agents.
For inquiries regarding VESS products or businesses utilizing decentralized identity, please feel free to contact us via the inquiry link on our website.
HP: https://www.vess.id/
VESS Labs, Inc.
VESS Labs, Inc. has concluded a proof-of-concept (PoC) experiment regarding a scheme to conduct identity verification based on the Act on Prevention of Transfer of Criminal Proceeds (hereinafter, the "Act") using digital certificates (Verifiable Credentials, hereinafter "VC"). This project was considered by the "Identity Verification Subcommittee" (established in June 2024) of the DID/VC Co-creation Consortium (hereinafter "DVCC"), which is hosted by Mitsubishi UFJ Trust and Banking Corporation (President: Hiroshi Kubota; 50 member companies as of the end of March 2026). The project received support as the 9th case*¹ of the Financial Services Agency's "FinTech Proof-of-Concept Hub," and we are now publishing a summary of the results.
1. Overview and Results of the Proof-of-Concept Experiment
(1) Overview of the PoC
In this PoC, we verified the feasibility and effectiveness of a "new identity verification method" that aims to achieve both improved security and convenience by allowing users to manage and present the results of identity verification conducted by financial institutions under the Act as a VC on their smartphones.
We examined the following two schemes:
① Using a VC containing the results of identity verification performed by a financial institution, combined with a VC recording the results of reading IC chip information from identity verification documents such as the My Number Card, as a method stipulated in Article 6, Paragraph 1, Item 1, Sub-item (to) of the Ordinance for Enforcement of the Act (as of March 2025) (hereinafter, "Old To-method"). (Initial Scheme)
② Using an x.509 certificate issued by a business operator certified under Article 4, Paragraph 1 of the Electronic Signature Act, delivered in VC format, as a method stipulated in Article 6, Paragraph 1, Item 1, Sub-item (wa) of the Ordinance for Enforcement of the Act (as of March 2026) (hereinafter, "Wa-method"). (Final Scheme)
(2) Results of the PoC
This PoC demonstrated the potential for a "new identity verification method" that reduces the burden on customers during identity verification.
Regarding the initial scheme (①), we received a response from the relevant ministries stating that it cannot be used as the "Old To-method" because it cannot guarantee the user's presence at the time of VC presentation.
Regarding the final scheme (②), we received a response from the relevant ministries stating that it can be used as the "Wa-method," provided that the financial institution implements risk mitigation measures.
For details on the implementation results, please refer to the attached report below:
"DID/VC Co-creation Consortium [Financial Services Agency FinTech Proof-of-Concept Hub Results Report]"
https://www.tr.mufg.jp/houjin/dvcc/pdf/houkokusho.pdf
2. Future Challenges for the Social Implementation of VC
Moving forward, to examine various VC use cases not limited to identity verification and to realize and promote the social adoption of these schemes, we will organize detailed issues such as clarifying the division of responsibilities among business operators, and designing incentives such as business models and appropriate cost burdens for Verifiers based on cost-effectiveness.
3. Future Outlook
In the future, the DVCC will continue to collaborate with relevant ministries, private industry associations, and others to verify the legality and safety of new technologies while working toward the examination of VC use cases and the realization and social adoption of these schemes.
End
*1: About the Financial Services Agency's FinTech Proof-of-Concept Hub
In the "Future Investment Strategy 2017" (Cabinet decision in June 2017), the Financial Services Agency (FSA) announced a policy to implement measures to facilitate FinTech-related PoC experiments from the perspective of accelerating challenges toward innovation utilizing FinTech. Based on this, the Hub was established by the FSA to provide support to dispel the hesitation and concerns that FinTech companies and financial institutions often have when attempting unprecedented PoC experiments.
For issues that FinTech companies and financial institutions wish to clarify through experiments (such as compliance, risks in supervisory responses, and practical issues regarding legal interpretation that may arise when providing services to general users), continuous support is provided by a dedicated team within the agency formed for each individual experiment.
"Regarding the Establishment of the FinTech Proof-of-Concept Hub"
https://www.fsa.go.jp/news/29/sonota/20170921/20170921.html
"Regarding the Adoption of the 'Reuse of Transaction Verification Results Utilizing Digital Certificates' as a Supported Project for the Financial Services Agency's 'FinTech Proof-of-Concept Hub'"
https://www.tr.mufg.jp/ippan/release/pdf_mutb/241223_1.pdf
Participating Companies in the PoC (In Japanese alphabetical order, titles omitted)
[List of 38 entities including Mitsubishi UFJ Trust and Banking, NTT Data, VESS Labs, and various financial and technology firms]
[Overview of VESS Labs, Inc.]
Company Name: VESS Labs, Inc.
Location: Regus Shibuya Koen-dori Center, 1-23-14 Jinnan, Shibuya-ku, Tokyo
Representative: Kantaro Fujimori, Representative Director
VESS Labs operates a platform that supports the issuance and sharing of "trusted credentials" by utilizing Decentralized Identifiers (DID) and Verifiable Credentials (VC), under the mission of "creating a society where everyone owns their digital identity and can create new value through trust."
We provide "VESS Credential" for companies and local governments to verify and issue digital certificates, "VESS Wallet" for individual users to securely hold and present certificates, and "VESS AIdentity," an identity layer for AI agents.
For inquiries regarding VESS products or businesses utilizing decentralized identity, please feel free to contact us via the inquiry link on our website.
HP: https://www.vess.id/