TOKYO — Japanese mobile carrier SoftBank and Sumitomo Mitsui Financial Group will team up on digital banking, in the latest example of partnership between traditional banks and tech companies amid a rapid spread of web-based banking in Japan.
Among other examples, Mizuho Financial Group last year acquired a stake of close to 15% in Rakuten Card, one of the most popular credit cards in Japan, in an effort to make up for its relative weakness in retail businesses, while Mitsubishi UFJ Financial Group is looking at setting up a digital-only bank.
