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SMBC setting up fintech fund with US equity firm

Japanese lender aims to acquire knowledge to upgrade products and services

Sumitomo Mitsui Banking Corp. will contribute up to $3 million to set up a new fintech fund.

TOKYO -- Japanese megabank Sumitomo Mitsui Banking Corp. has joined forces with a U.S. venture capital firm, Entrepreneurs Roundtable Accelerator, to establish a fund backing financial technology startups.

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