Yomiuri: SMFG, SBI Holdings to Launch New Firm Targeting Individual Investors

Dow Jones
Jun 18
 

By Yuma Ikeshita and Kaname Sugimoto

Yomiuri Shimbun Staff Writers

 

Sumitomo Mitsui Financial Group Inc. and SBI Holdings Inc. announced Monday that they would partner to establish a new company as early as July that will help individuals manage their assets. The companies intend to leverage digital technology and other means to attract "near affluent" people who are in their 40s to 60s.

SMFG defines "near affluent" households as those with financial assets of about 30 million yen. According to Nomura Research Institute Ltd., there were 5.765 million households with financial assets from 30 million to 50 million yen in Japan as of 2023. With rising stock prices, the number of such households is expected to grow further.

The new company will launch a service this fiscal year that allows customers to consult with experts or AI about asset management by using SMFG's Olive service, which combines multiple financial services in a single app.

In spring 2026, the Olive service will add a new top membership tier called "Infinite," through which paying members will be able to receive detailed advice from dedicated staff. Olive will also be updated to allow users to buy and sell SBI Securities Co.'s financial products via the app.

SMFG and its subsidiaries will own 60% of the new company, and SBI Holdings and SBI Securities will own 40%. The initial capital investment is estimated at about 3 billion yen, with both groups considering additional investments in line with business expansion.

At a press conference on Monday, SMFG President Toru Nakashima said, "We will combine the strengths of both groups to upgrade our asset management services and establish a competitive advantage."

SBI Holdings Chairman and President Yoshitaka Kitao added, "We hope to offer advanced services such as stablecoins, a type of cryptocurrency, through the new company."

As the number of investors grows in Japan, major financial institutions are launching new services one after another. Mizuho Financial Group Inc. and Rakuten Securities Inc. started a service supporting asset management through a jointly owned company in fiscal 2024. MUFG Bank Ltd. plans to start a project as early as fiscal 2026 that will recommend financial products using AI and be done in collaboration with WealthNavi Inc., a wholly owned subsidiary.

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This article is from The Yomiuri Shimbun. Neither Dow Jones Newswires, MarketWatch, Barron's nor The Wall Street Journal were involved in the creation of this content.

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June 18, 2025 02:41 ET (06:41 GMT)

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