Mizuho, several other Japanese firms to set up fintech alliance

Several companies coming together to develop innovative solutions using electronic payments and artificial intelligence

Mizuho, several other Japanese firms to set up fintech alliance

Insurance News

By Gabriel Olano

Mizuho Financial Group, general trading company Itochu, Dai-ichi Life Insurance, and other financial firms in Japan are planning to form a joint company dedicated to financial technology, or fintech.

Once the joint company is established, the partners will venture into new financial services, such as electronic money issuance under a common brand, in cooperation with various financial institutions such as regional banks and insurers.

The alliance will also research the adoption of electronic payments systems for shopping and remittances, smartphone-based applications, and automated clerical work at financial firms using artificial intelligence.

In the future, the partnership seeks to turn a profit through service charges from offering the solutions it has developed for license to other companies.

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