Largest Bank In Japan Enter Digital Partnership

SMFG And SBI Partner For Digital Banking

Sumitomo Mitsui Financial Group (SMFG), the second-largest bank in Japan, has entered into a partnership with SBI Holdings to provide digital banking services on smartphones. The deal is expected to kick in this week before Japan starts its Golden Week banking holidays.

According to local reports, all the key parts are already in place to launch the multimillion-dollar agreement. By the start of June, SMFG will acquire 20% in SBI subsidiary Neomobile Securities. By December 2020, SBI will receive an investment worth $1 billion from SMFG. The investment will be centered on companies involved in digital technology such as 5G, blockchain, fintech, and more.

Ripple Connection

SBI has been known to have a strong relationship with the cryptocurrency Ripple. Yoshitaka Kitao, SBI chief executive officer (CEO), is a member of Ripple’s board of directors. What’s more, the company has even considered paying shareholder dividends in XRP tokens.

Japan’s New Regulations For Digital Assets

Although the new collaboration between SMFG and SBI gives a peek into the growing interest of digital currencies from both parties, crypto exchanges and digital assets in the country will soon face new regulations.

The laws passed by the House of Representatives in regards to the Payment Services Act and Financial Instruments and Exchange Act will take effect from today, May 1.

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