SoftBank (TYO:9434) and Sumitomo Mitsui Financial Group (TYO:8316) are partnering to expand their digital banking presence, Nikkei Asia reported Wednesday.
Under the partnership, Sumitomo Mitsui's Olive digital platform will connect with SoftBank's PayPay mobile payment app, which has around 69 million users. Olive currently has 5 million users, according to the report.
The companies aim to boost convenience and attract each other's customers to expand their user bases, the report said.
Beyond payments, the alliance will extend to artificial intelligence and data analytics, Nikkei reported. SoftBank will help automate Sumitomo Mitsui's back-office operations, such as call centers and credit card processing, while customer and mobility data will be combined to deliver consumer behavior insights and support targeted promotions, the report noted.
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