SBI to Partner with Japan’s SMFG for Digital Banking
The partner of Ripple, SBI is set to cooperate with SMFG to offer digital banking services available on smartphones.
As the Nikkei newspaper reports, the SMFG & SBI Holdings are planing to finalize the deal within the current week.
As it is reported, SMFG will receive a 20% stake in SBI subsidiary Neo Mobile Securities in the beginning of summer. In addition, by the end of the current year, SMFG will invest about $1 billion into a new SBI fund. This fund is planned to be used to finance the companies that work with digital technology like fintech, blockchain as well as 5G.
As part of this partnership, SBI and SMFG are intended to develop a support business together for local banks as well as other financial institutions.
SBI is famous with its collaboration with Ripple. The CEO of the company Yoshitaka Kitao is a member of Ripple directors’ board. What is more, they have even taken into account the alternative to pay shareholder dividends in XRPs.
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