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Finance

Sumitomo Mitsui, Microsoft team up to broaden services in ASEAN

Japan megabank, U.S. tech giant also eye co-investments in fintech players

Sumitomo Mitsui and Microsoft will work together to offer digital tools to support the bank's customers in their decarbonization efforts. (Source photos by Reuters and AP)

SINGAPORE/TOKYO -- Sumitomo Mitsui Financial Group will expand its "embedded finance" business in Southeast Asia, partnering with Microsoft to provide financial services to digital platforms in other sectors.

Sumitomo Mitsui will use Microsoft's cloud technology and expects to expand its partnerships with burgeoning fintech players in the region. Executives with the Japanese megabank and the U.S. tech giant told Nikkei Asia that the companies may seek to co-invest in promising fintech startups in Southeast Asia.

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