Sumitomo Mitsui Banking Corporation announced a business partnership with Ant International, an overseas affiliate of China's Ant Group. The two companies will jointly advance the provision of payment and cash management services in Japan, Singapore and Southeast Asia.
Sumitomo Mitsui Banking Corporation has entered into a business partnership with Ant International, an overseas affiliate of China's Ant Group, to jointly provide payment and cash management services in Japan, Singapore and Southeast Asia.
This is the first collaboration between Ant International and the “three megabanks,” including Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corporation. Ant International has previously linked its payment services with banks in countries around the world.
In addition to providing cash management services, the companies are also considering linking Sumitomo Mitsui Banking Corporation's digital payments platform with the global payments infrastructure owned by Ant International. The initiative comes in response to the expanding market for transaction banking services, which support corporate remittances and cash management.