In its latest move to try to keep up with advances in financial technology, Japanese banking giant Mizuho Financial is establishing an incubator for virtual currency and AI-based loan-screening ventures.
Mizuho will soon begin talks with World Innovation Lab (WiL), a California-based startup, to establish the incubator as early as June, with capital of up to 100 million yen.
According to the «Nikkei Asian Review» WiL will become the largest shareholder, with Japan's Itochu, Sompo Japan Nipponkoa Insurance, Dai-ichi Life Insurance and other parties having stakes of a few percent.
The incubator's main purpose will be to nurture fintech startups, but it will also consider takeovers and initial public offerings should any of its fledglings turn profitable.
Mizuho wants the company to play another role as well -- as an issuer of electronic money. In carrying out this duty, the concern is to partner with Japanese companies operating in Southeast Asia.
Japan's ASEAN Hinterland
finews.asia reported earlier this year that Mizuho and trading company Marubeni agreed to explore opportunities by providing new financial services in the ASEAN region via financial technology.
Mizuho Financial Group (Mizuho FG) President & Group CEO Yasuhiro Sato, Mizuho Bank President & CEO Nobuhide Hayashi and Marubeni Corporation President & Chief Executive Fumiya Kokubo, have agreed to start exploring opportunities to provide a suite of new financial services using fintech in the ASEAN region.
