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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.

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