Sumitomo Mitsui of Japan cooperated with SBI Holdings to carry out digital banking business, and the US $ 930 million investment fund established will invest in blockchain and other related companies

According to Nikkei News, Sumitomo Mitsui Financial Group (SMFG), the second largest bank in Japan, announced that it will sign a cooperation agreement with SBI Holdings on smartphone digital banking. SMFG will acquire a 20% stake in Neo Mobile Securities, a subsidiary of SBI, in June, and the investment is expected to reach billions of yen. In addition, SBI also plans to establish a 100 billion yen investment fund (approximately US $ 930 million) with SMFG to invest in digital technology companies, including fintech, blockchain, and 5G wireless networks, and hopes to accelerate through cooperation with the invested company It deploys digital business strategies. The cooperation agreement is expected to be signed this week.