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SMFG, Yahoo Japan forming big data fintech venture

Unit will crunch bank's customer data to generate more business

TOKYO -- Sumitomo Mitsui Financial Group and Yahoo Japan are forming a joint venture to sift through the Japanese megabank's rich troves of customer data for ideas on improving and expanding services.

The 300 million yen ($2.71 million) unit will be established as early as September. Yahoo Japan will hold a 51% stake and SMFG the other 49%.

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