SBI, Chinese Financial Group Launch Fintech JV

Economy

Tokyo, Dec. 19 (Jiji Press)--SBI Holdings Inc. <8473> said Thursday it has set up and started the operations of a joint venture offering fintech solutions with subsidiaries of Ping An Insurance (Group) Co., a leading Chinese financial company.

The SBI Holdings group holds a stake of 60 pct in the Tokyo-based joint venture, SBI OneConnect Japan, which is capitalized at 210 million yen.

SBI President and Chief Executive Officer Yoshitaka Kitao said at a press conference that the move is aimed at revitalizing regional economies in Japan by providing fintech solutions to help regional and other banks.

Kitao aims to create a "fourth megabank" through partnerships with regional banks.

He said he plans to set up a joint holding company for the partnerships by March 2020. The project is working as planned, he added.

[Copyright The Jiji Press, Ltd.]

Jiji Press