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Japan banks taking stakes in robo-adviser startup

TOKYO -- Five Japanese regional banks including Yamaguchi Financial Group have entered into capital tie-ups with Money Design, a fintech startup behind a "set and forget" online asset management service.

The deal involves Yamaguchi, Bank of Kyoto, Musashino Bank, Hyakugo Bank and Toho Bank investing between 30 million yen and 100 million yen ($274,230 and $914,100) each through a new-share issuance by the developer of Theo, a so-called robo-adviser. The online investment service recommends ideal asset allocations based on users' answers to simple questions, purchasing exchange-traded funds and managing the portfolios according to the recommendations.

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