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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