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Japanese megabanks support fintech firms www3.nhk.or.jp
Leading Japanese banking groups are supporting startup firms that handle new services called fintech in the hope of taking them into their business.
Fintech refers to financial services employing the latest information technology to improve convenience for customers. Some analysts expect that fintech firms will eventually become a threat to banks.
Mitsubishi UFJ Financial Group is helping 5 companies that have proposed innovative technology and ideas.
Support measures include providing free office space and giving advice to turn ideas into business.
Mitsubishi UFJ officials say the startups have already come up with business ideas involving artificial intelligence and virtual currency.
Eiichi Kashiwagi, the head of a division supporting the companies, says creating innovative business is crucial for the survival of financial institutions.
He also says the banking group wants to take advantage of ideas proposed by the venture firms to improve its services.
Two other mega-banking groups, Mizuho Financial Group and Sumitomo Mitsui Banking Corporation, have held events to find promising IT companies.
Published Date:2016-08-10
