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Finance

Japan's SMFG and SBI to partner in digital banking

Financial groups also prep $930m joint fintech fund to capture young customers

Sumitomo Mitsui, Japan's second largest bank, and SBI, the nation's top online broker, are expected to sign a deal this week intended to keep them ahead of a raft of nonfinancial companies using digital tech to enter their sector.

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.

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