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.


Bitcoin Autobot Latest Reviews

For More Bitcoin Platform review check out our platform section.

If you are drawn in Bitcoin Trading and Autobots, you are more than welcome to take a look at our latest review:

See our latest Bitcoin Autobot Trading Reviews. We gathered here the Top Bitcoin Autobots that we reviewed lately

cryptonbitcoin.com
DISCLAIMER High Risk Investment Trading cryptocurrencies carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading, and seek advice from an independent financial advisor. ICO's, IEO's, STO's and any other form of offering will not guarantee a return on your investment. Since Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary, and does not constitute investment advice. cryptonbitcoinwill not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. All opinions expressed on this site are owned by the respective writer and should never be considered as advice in any form. Cryptonbitcoin makes no representation or warranties as to the accuracy and or timelines of the information contained herein. A qualified professional should be consulted before making any financial decisions.