Sumitomo Mitsui Financial Group and SBI to Collaborate on Stablecoins, Taking 5% Stake in Development Company

The story

Sumitomo Mitsui Financial Group and SBI Holdings have announced a capital and business alliance to develop services for payments and asset management using stablecoins.

The companies plan for Sumitomo Mitsui FG to acquire approximately 5% of the shares in SBI Startale Marketing, a joint venture operated by Singapore-based Startale Group.

At a glance

CompanySumitomo Mitsui Financial Group and SBI Holdings to collaborate

Capital investmentSumitomo Mitsui FG plans to acquire approximately 5% of SBI Startale Marketing

Applicable ratesDevelopment of services using stablecoins

Parties involvedSBI Startale Marketing is a joint venture between SBI Holdings and Startale Group

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The NikkeiNews

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