According to the Nihon Keizai Shimbun, Japan’s Sumitomo Mitsui Financial Group and the Web3 startup HashPort will use Soul Binding Tokens (SBT) for identity verification, which is expected to be used in services and exchanges based on music and other fan activities in the future. The launch of the SBT token is the first phase of the cooperation between the two parties. Sumitomo Mitsui Banking Corporation will test issue SBT and Hashport will support Sumitomo Mitsui Banking Corporation until March 2023. Foresight News previously reported that Japan’s Sumitomo Mitsui Financial Group (SMBC) announced in July this year that it plans to cooperate with HashPort. The two parties will develop an ecosystem around Web3 and NFT, including promoting Web3 in Japan.