TOKYO – Sumitomo Mitsui Financial Group and SBI Holdings want to sign a partnership soon, with the goal of deepening ties and taking a leading position in the financial sector and technology.
Sumitomo Mitsui wants to acquire a stake in SBI’s mobile brokerage unit, and also plans to invest $ 930 million in the SBI fund to support financial technology development. The agreement will be a combination of the nationwide SMFG branch network, and the best online broker SBI in the country. Mutual cooperation will thus enable better creation of financial products and services, which will result in a greater impact on the Japanese population.
The main impetus is the fact that more and more companies outside the financial sector are using digital technologies while increasing and deepening competition.
The SBI Investment Fund, to be set up through the SMFG, will focus mainly on investments in companies that focus on digital technologies, including Fintech, Blockchain and 5G.
Sumitomo Mitsui Financial Group
- is a Japanese bank holding / financial services company established by Sumitomo Mitsui Banking Corporation, the second largest bank in Japan by market capitalization (as of 2019). The company holds assets of around US$1.9 trillion. It is the 67th largest company in the world according to Forbes rankings as of May 2019. /wiki
- is a financial services company group based in Tokyo, Japan.SBI Group began in 1999 as SoftBank Investment, as a Softbank subsidiary at that time. SBI is listed on the first section of the Osaka Securities Exchange and Tokyo Stock Exchange. Since April 2011, SBI Holdings has been listed in Hong Kong in the form of Hong Kong depositary receipts (HDR) with stock code 6488. /wiki
Source: NIKKEI ASIAN REVIEW