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Japan's Mizuho diving into fintech

New IT unit to target nearly $900m in added value

Daisuke Yamada, Mizuho's chief digital innovation officer, has lofty hopes for the new IT company.

TOKYO -- Mizuho Financial Group will launch a company dedicated to financial technology in June, with the aim of generating 100 billion yen ($894 million) in added value by 2020.

The Japanese megabank's recently installed chief digital innovation officer, Daisuke Yamada, will head the affiliate. Mizuho "is finished studying, and moving on to practical application" of fintech, President Yasuhiro Sato said.

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