TOKYO -- Sumitomo Mitsui Financial Group and SBI Holdings are set to enter into a comprehensive partnership, Nikkei has learned, in a move aimed at taking a lead in financial technology.
Through the deal, Sumitomo Mitsui, the nation's second largest bank, will acquire a stake in the mobile only brokerage unit of SBI, the nation's top online broker. SMFG will also put money into a 100 billion-yen ($930 million) fund SBI will set up to invest in financial technology companies.
