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Sumitomo Mitsui to launch biometric ID venture

Move comes as Japan lets banks invest more in fintech

With biometrics, features such as eyes, fingerprints and voice can be used to verify one's identity.

TOKYO -- Sumitomo Mitsui Financial Group will develop a way for consumers to verify their identity using their fingerprints or voice when making online payments, taking advantage of looser restrictions on Japanese banks' ability to invest in financial technology businesses.

The megabank will own a majority stake in a new fintech venture that will develop the technology. Tokyo-based NTT Data and Irish biometrics company Daon will also invest in the 20-person company, which will launch this spring and start operating as early as July.

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