Soramitsu Secures METI Subsidy to Test CBDCs Across Pacific Island Nations and Pakistan

Japanese blockchain firm Soramitsu CBDC has been selected by the Ministry of Economy, Trade and Industry (METI) to receive a grant under the FY2025 Supplementary Budget for the "Global South Future-Oriented Co-Creation Grant Program (Small-Scale Proof of Concept / Feasibility Study Project)". The selection will fund a feasibility study aimed at upgrading cross-border payments and improving financial inclusion across several developing economies.

Expanding Sovereign Digital Infrastructure

Under the government-subsidized initiative, Soramitsu CBDC will test Central Bank Digital Currency (CBDC) platforms and digital savings bond systems across six Pacific Island nations—Solomon Islands, Papua New Guinea, Tonga, Samoa, Palau, and Fiji—as well as the Islamic Republic of Pakistan.

The target regions currently face significant hurdles regarding access to basic financial services and the efficiency of inter-entity fund settlements. Using its open-source blockchain framework, Hyperledger Iroha v3, Soramitsu plans to construct a common technological platform to test the issuance, distribution, and redemption of digital currencies under real-world operational conditions tied into existing local payment rails. The study will also evaluate institutional and regulatory readiness ahead of any potential commercial deployment.

Track Record in Emerging Markets

Soramitsu CBDC was spun off from parent company Soramitsu in March 2024 to focus specifically on overseas digital asset and CBDC deployment.

The company brings established expertise to the project:

• Cambodia: In October 2020, Soramitsu co-launched "Bakong" with the National Bank of Cambodia. By late 2025, the blockchain-based platform registered 30 million accounts across a population of 17 million, generating an annual transaction volume of ¥35.7 trillion—equivalent to 5.2 times Cambodia's GDP.
• Prior Feasibility Projects: Soramitsu and its subsidiary have previously completed CBDC trials in conjunction with the central banks of Laos, Solomon Islands, Papua New Guinea, and Pakistan, alongside developing a blockchain-based savings bond framework for Palau's Ministry of Finance.

Through the newly awarded METI initiative, Soramitsu CBDC aims to validate how Japanese blockchain architecture can enhance systemic efficiency, lower cross-border remittance costs, and drive financial inclusion across the Global South.

Papua New Guinea’s Central Bank and Soramitsu complete CBDC proof of concept

The Bank of Papua New Guinea and Soramitsu have successfully completed a proof of concept for the country’s CBDC, Digital Kina.

Japan FinTech ObserverNorbert Gehrke