Japanese banking holding Mizuho moves deeper into the fintech sector launching JV with World Innovation Lab

11 May 2017

MizuhoTokyo based banking holding company Mizuho Financial Group, Inc. is joining forces with US-Japan cross boarder venture capital World Innovation Lab, LLC over the launch of their joint venture that will be working with startups across Japan and the United States for developing and implementing innovative business solutions based on fintech technologies and Internet of Things.

The two companies have scheduled the launch of their joint business unit by this summer with the key focus on commercial application of the advanced technologies including big data, artificial intelligence, and distributed ledger.

According to the reports the new joint startup will likely be joined by large companies such as Itochu Corporation, the second-largest Japanese general trading company, Sompo Japan Nipponkoa Insurance, the second-largest property insurance company in Japan, and The Dai-ichi Life Insurance Company, the third-largest life insurer in Japan by revenue, as the shareholders of the joint venture business.

The new project comes as the latest move of Mizuho to push forward financial innovations and enter the fintech environment in a series of initiatives announced earlier this year. In April it partnered with Metaps Inc. over incorporating the company for providing a new digital wallet app. Besides, it signed agreements with Marubeni and Soracom.

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