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Google to roll out fintech services in Japan

US tech major's acquisition of cashless payment startup heralds more competition

The entry of Google to the fintech sector in Japan will lead to intensifying competition.   © Reuters

TOKYO -- Google is making a foray into financial services in Japan by acquiring a cashless payment company for between 20 billion and 30 billion yen ($180 million to $270 million), Nikkei has learned.

Google is in negotiations to buy all the shares in pring, a Tokyo-based cashless payment and settlement startup owned by Mizuho Bank and other investors. Google hopes to be able to offer fintech services, such as payments and transfers, in Japan next year, following launches in the U.S. and India.

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