Japan: Sumitomo Mitsui Financial Group and Sumitomo Mitsui Banking Corporation have stated their intention to expand their Silicon Valley operations with the announcement of a new Digital Innovation Lab and Rep Office.
Subject to regulatory approval, Sumitomo Mitsui Financial Group (SMFG) plans to establish the innovation lab as part of the IT Innovation Department (Tokyo) in order to enhance its group wide digital abilities, while Sumitomo Mitsui Banking Corporation (SMBC) will also gain a foothold in the technology innovation centre.
The innovation laboratory will focus on conducting market research targeting Silicon Valley corporates and collecting information on cutting edge business focused technologies being developed in the area. The bank will also look to bring any new technological developments to client facing disciplines.
Building Fintech Relationships
The SMBC Rep office will seek to enhance the banks relationship with the Silicon Valley corporates particularly those in the fintech and IT sectors and with local financial institutions.
SMBC and SMFG announced the formation of a new ‘IT Innovation Department’ in order to strengthen their efforts and pursue fintech related innovation in October 2015.
Source: Finnews asia