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Japanese megabank Mizuho setting up fintech incubator

Focus to be on virtual currency, AI-based loan-screening ventures

TOKYO -- Mizuho Financial Group will establish an incubator for virtual currency and AI-based loan-screening ventures. It is the latest move by one of Japan's big banks to try to keep up with advances in financial technology, or fintech.

Mizuho will soon begin talks with WiL, a California-based startup, to establish the incubator as early as June, with capital of up to 100 million yen ($896,900). WiL will become the largest shareholder, with Japan's Itochu, Sompo Japan Nipponkoa Insurance, Dai-ichi Life Insurance and other parties having stakes of a few percent.

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