GVE Ltd.
| Private | |
| ISIN | 🆔 |
| Founded 📆 | November 10, 2017 |
| Founder 👔 |
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Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | https://www.gve.net/en/ |
| 📇 Address | |
| 📞 telephone | |
GVE Ltd. (GVE株式会社) is a Japanese technology company founded in 2017 by Susumu Kusakabe, Koji Fusa and two others in Tokyo, Japan. In early 2025, GVE became Japan’s first decacorn surpassing $10 billion valuation within ten years from the inception of the company.
GVE was founded to capitalize Kusakabe’s expertise of creating the world’s most secure payment operating system, FeliCa back in 1997, and Fusa’s wide and deep experience in finance.[1][2] Fusa’s knowledge on cross-border and domestic payments, as well as banking systems, forex, bonds and equities clearing is widely respected. Fusa has a good network of academics and bankers globally.
GVE’s original name comes from the Global Value Exchange, the title of a proposal Kusakabe made to the CEO of Sony back in 2000.
Kusakabe developed the first Near Field Communication (NFC) technology for Hong Kong Octopus card in 1997.[1] Kusakabe used the block chaining for the payment for the first time in FeliCa OS. Yasunori Tateichi explained Kusakabe’s invention in detail in the book “The Truth about FeliCa: A case study showing Sony's success in developing technology, but failure in business.” The Trust about FeliCa explains that the invention was great. Sony’s strategy to remain as a manufacturer did not capture global market as technology company. Tateichi has spelled out common strategic mistakes in his book.
The Digital Money Wars written by Professor Koichiro Tokuoka and Koji Fusa, explains the contrast approaches GVE is taking versus Sony in the 2000s. The book emphasises the importance of creating (1) international standard for interoperability for payments, banking systems which is a collection of many silo systems and (2) a big patent for the US. GVE’s patent strategy seems to copy the strategy of Apple’s iPhone patent in 2006 and Amazon’s 1997 one click patent in terms of the unique nature.
Japanese business magazine, Weekly Economist has published the article of this patent in detail at the following link[3] (only available in Japanese). US, Japan, Singapore, UAE and South Africa have granted patent protections for this private key only infrastructure. GVE OS, which uses this patent, has the potential to be more promising than US FIPs 203, 204, 205 drafts originally proposed by NIST.
International standard
GVE is an active member of the IT standard setting organization, Ecma-International, based in Geneva. ISO/IEC 24643 is based on Ecma-International’s Ecma-417 proposal. Ecma-417 is shaping the international standard for interoperability while keeping the security at the highest level. ISO/IEC 24643 is regarded as an important standard to complement to the ISO/IEC 20022 as global payments are consist of many different silo systems.
Business model
GVE’s primary business model is to partner with banks or non-bank financials while it remains as a technology company. It provides a secure digital platform without public keys and has an IP address to increase the integrity of the system and to increase the availability of data. It’s OS is based on account-to-account based approach and able to cut intermediaries compared with token-based approaches which most of the payments to retail customers taking place as of now. GVE’s account-to-account based approaches eliminates batch processing. This may enable banks and non-bank financial institutions to reduce the IT costs substantially. Kusakabe’s FeliCa OS developed in 1997 has obtained highest security for many years while other IT companies obtained similar level of security only very recently.[4]
GVE OS can be used for both cross-border payments and domestic payments, and can be suitable for CBDC platform or stablecoin issuers, if the digital payments need to be (1) fast, (2) secure, (3) low-cost which includes the insurance for loss or theft. Its business model is revenue sharing with a bank or non-bank financial which resembles the Apple’s iPhone business model of revenue sharing with digital service or application providers.
References
- ↑ 1.0 1.1 "Contactless IC Cards". NHK World Japan. 2024-03-30.
- ↑ Tateishi, Yasunori; Fusa, Koji (2018-07-10). The Truth about FeliCa: A case study showing Sony's success in developing technology, but failure in business. Kirakusha. ISBN 9784794217905. Search this book on
- ↑ "特許：暗号の限界打ち破った発明が「基本特許」に 日本企業GVEがGAFAを超える日＝大堀達也". 週刊エコノミスト Online (in 日本語). Retrieved 2025-07-09.
- ↑ "Sony's Contactless IC Card Chip Acquires World's First*1 EAL6+ Certification of Common Criteria (ISO/IEC 15408), the International Standard for IT Security". Sony News Releases. 2012-09-14.
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