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Hana Financial, Sumitomo Mitsui Trust to expand partnership with fintech focus

South Korea-based Hana Financial Group Inc. signed a strategic business alliance agreement with Japan's Sumitomo Mitsui Trust Holdings Inc. to expand the existing partnership between the two banking groups, Yonhap News Agency reported.

Under the agreement, the two companies will broaden cooperation from real estate and investment financing to fintech, asset management, trust banking and investment banking, according to Hana Financial.

Hana Financial said the new agreement will facilitate closer cooperation on fintech with a view to developing a fintech business model in Japan for the global market.