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SoftBank-Mizuho fintech venture to dispense loans in 30 minutes

Mizuho's Yasuhiro Sato, left, and SoftBank's Masayoshi Son announce their joint venture in Tokyo on Sept. 15.

TOKYO -- SoftBank Group and Mizuho Financial Group plan to launch an online lending service for individual customers, capitalizing on big data and artificial intelligence. The transactions will be carried out via smartphones in as little as 30 minutes.

The Japanese telecom company and megabank on Thursday said they will establish a 50-50 joint venture in November, with initial equity of 5 billion yen ($48.8 million). Loans are to start flowing in the first half of 2017.

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