Several companies from Japan are joining up with incubator firm World Innovation Lab to form a joint venture that will bridge the gap between startups in Japan and the US to work on projects involving financial technology (fintech) and the Internet of Things (IoT).

The group of Japanese firms, led by Mizuho Financial Group, Inc and World Innovation Lab will set up a task force that will work towards the creation of the new unit by the summer of 2017. The joint venture will focus on commercial applications of various technologies such as artificial intelligence, big data, blockchain, and creation of disruptive new business models.

Aside from Mizuho, insurers Sompo Japan Nipponkoa Insurance and Dai-ichi Life Insurance Company, and general trading company Itochu Corporation are among the shareholders.

Mizuho has entered several partnerships this year, such as a digital wallet joint venture with Metaps, a fintech collaboration with Marubeni in the ASEAN region, and an R&D deal with Soracom involving IoT technology.


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