Square Enix decided to start its own cloud gaming program back in 2014, and they called it Shinra Technologies (after Final Fantasy VII's evil company). However, after less than two years, it seems that the project did not meet internal expectations and has been shut down.
Through an official statement the publisher announced the closure of the department, explaining the reason for the dissolution being their inability to find external investors for the project. The statement also notes that this course of action will result in a "extraordinary loss" of about 2 billion yen, which is roughly $16.8 million dollars. You can read the full document and all the details here.