Money Forward (TYO:3994) finalized a 50:50 joint venture with Sumitomo Mitsui Banking Corp. to develop digital banking and BaaS (banking-as-a-service) solutions, according to a Tuesday filing.
The venture, named SMBC Money Forward Bank Preparatory Corporation, will launch with 3 billion yen in capital and an additional 3 billion yen in capital reserve. It will focus on API-driven financial services for businesses and institutions.
Sumitomo Mitsui Banking Corp. is a subsidiary of Sumitomo Mitsui Financial Group (TYO:8316).
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