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Sumitomo Mitsui Financial, Yahoo Japan to set up fintech unit

Sumitomo Mitsui Financial Group Inc. and Yahoo Japan Corp. are set to establish a fintech joint venture, the Nikkei Asian Review reported Aug. 9.

The fintech venture aims to leverage the megabank's database of customer information to improve and expand services.

Yahoo Japan will own a 51% stake, while Sumitomo Mitsui Financial will own the remaining 49%. The ¥300 million venture is expected to be set up as early as September.

Both entities will also develop a smartphone app and plan to offer the banking group's financial services to about 37 million people who use Yahoo Japan's shopping and auction services.

Yahoo Japan is a joint venture between Altaba Inc. and SoftBank Group Corp.

As of Aug. 8, US$1 was equivalent to ¥110.77.