Skip to main content

Japanese financial group SBI and SMFG cooperate to launch digital bank

The second largest bank in Japan will sign an agreement with SBI Holdings to provide digital banking services on smartphones.

As primexbt news reported on April 27, Sumitomo Mitsui Financial Group (SMFG) and SBI have taken the first steps towards a multi-million dollar deal that will conclude discussions this week, before Japan The version takes place during the Golden Week holiday.

In June, SMFG will buy a 20% stake in NeoMobile Securities, a subsidiary of SBI. By the end of this year, SBI will accept an investment from SMFG and create a new $1 billion fund to invest in digital technology companies. This new fund will seek to invest in a variety of investment areas such as financial technology, blockchain and 5G.

Close relationship with Ripple

SBI is known for its XRP cryptocurrency. Chief Executive Officer (CEO) Yoshitaka Kitao is a member of Ripple's board of directors. He also has a close friendship with Satoshi claimant Craig Wright - the company has considered paying dividends in XRP tokens.

SBI Mining Chip, another subsidiary of the Japanese financial conglomerate, started producing cryptocurrency mining equipment in 2020.

Don't miss the following article: Tron DApps Available on Samsung App Store

Japan introduces new regulations on digital assets

While the partnership between SMFG and SBI shows the two companies' interest in cryptocurrencies, cryptocurrency and digital asset exchanges in Japan will soon face many new regulatory challenges.

Laws passed by Japan's lower house of parliament last year related to the regulation of payment services, the regulation of exchanges and financial instruments will take effect from May 1. Amended from the existing law to regulate cryptocurrencies in Japan.

Comments

Post a Comment

Popular posts from this blog

Compare Bitcoin investment and Bitcoin trading at Primexbt

In recent months in 2021, bitcoin has broken out in value from $5,000 to $69,000, attracting a huge wave of interest from both professional and casual traders. When participating in this volatile bitcoin trend, the first thing you need to do is decide whether to trade or invest in this cryptocurrency.The suitability of these two options depends on many factors, ranging from a willingness to take risks to a long- or short-term investment strategy. To help you make the right decision, we've listed some characteristics of both below: Bitcoin Trading on primexbt It is possible to speculate on the price without actually owning it Leverage can be applied to open a position with a very small amount of money Can trade quickly without having to wait for the exchange It can find opportunities to sell and buy BitcoinsGreater short-term profit potential, while also higher risk Invest in Bitcoin Allows you to get the most out of your purchased bitcoin ownership Must make purchases through excha...
Post a Comment
Read more

Director of BIS Innovation Hub: COVID-19 reveals the value of DLT

Benoît Cœuré, director of the Innovation Hub at the Bank for International Settlements, recently said that central bank digital currencies, or CBDCs, crypto, have been “highly centralized.” amid the corona pandemic. On April 17, speaking during a webinar organized by Accenture, the Bretton Woods ReReinventing Committee and the Chamber of Digital Commerce, Cœuré said that “the crisis has revealed the value of technologies that have the potential to help the industry. economic expansion of its activities”. He also revealed that the Bank for International Settlements (BIS) is looking into tokenization or crypto as a possible solution, to restart some segments of the economy during the lockdown period because of Covid-19. Corona pandemic reduces cash consumption The head of Innovation Hub highlighted the decline of cash payments during the Covid-19 pandemic, and affirmed that the current economic situation creates a lot of discussion around CBDCs: “Central bank digital currency is being di...
Post a Comment
Read more

Bitcoin price has plummeted but still can't break through resistance!

Currently, Bitcoin on primexbt exchange is facing a strong bearish trendline resistance. Throughout the past week, Bitcoin has failed to break above this resistance line. Just like my analysis last week, when Bitcoin first hit this downtrend line, I also predicted Bitcoin to be pushed down. Figure 1: BTCUSD, COINBASE, EASY Price Chart On the daily time frame (D) Bitcoin is still at a very strong psychological resistance price area, which is a price area that many traders are interested in. As you can see in Figure 1, Bitcoin is facing the following resistance levels: - Old support becomes new resistance - Price range of exponential moving averages EMA20 and EMA50 - Touching the downtrend line So this is still in a very strong resistance area, this price area we will analyze on 2 different points of view. 1. Bitcoin continues to plummet This week I am still basing on the Bitcoin analysis from last week to make the next analysis and prediction for this week. Looking at it objectively on...
Post a Comment
Read more