Seven & i to Secure 300 B. Yen in Capital for AI Push

Tokyo, July 31 (Jiji Press)--Japanese retail giant Seven & i Holdings Co. said Friday it will receive a total of 300 billion yen in capital from SoftBank Corp., mobile payment operator PayPay Corp. and Sumitomo Mitsui Card Co. to bolster its artificial intelligence capabilities.

The three investors will contribute 100 billion yen each. Seven & i will allot treasury shares to them.

The retailer aims to combine Japan's largest convenience store network with advanced digital infrastructure, including AI, to "create new customer experiences," President and CEO Steve Dacus said in a statement.

Seven & i also signed a business alliance with the three investors and LY Corp., the operator of internet portal Yahoo! Japan and messaging app Line.

Under the alliance, Seven & i will integrate its 7iD customer identification system into the PayPay ID system.

[Copyright The Jiji Press, Ltd.]