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Japan digital bank IPO defies market downturn

SBI Sumishin Net Bank is country's first digital lender to list

CEO Noriaki Maruyama says he expects SBI Sumishin's profit growth to double to 20%, now that the company has made all the necessary investments to reach that goal. (Photo by Jun Takai)

TOKYO -- SBI Sumishin Net Bank on Wednesday became the first Japanese digital bank to go public, an indication that small online lenders now play a growing role in spreading embedded financial services, the use of stablecoins and other financial technologies.

SBI Sumishin shares closed at 1,205 yen, slightly higher than the initial public offer price of 1,200 yen, after opening at 1,222 yen on Wednesday morning. The offer price puts the value of SBI Sumishin at 180 billion yen ($1.37 billion).

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