Chinese financial conglomerate Ping An Insurance (Group) has entered an agreement with Japanese financial services giant SBI Holdings to launch a fintech joint-venture in Tokyo.
SBI announced on 19 December that it was teaming up with Ping An to establish SBI OneConnect Japan, with the goal of helping Japanese banks to raise their operational efficiency by means of fintech solutions.
SBI OneConnect Japan is headquartered in Tokyo and is capitalised at 210 million yen. SBI Holdings has a 60% stake in the fintech joint-venture.
Ping An’s fintech subsidiary OneConnect Financial Technology listed in the US last week to raise around USD$312 million, for a dramatic decline compared to previous fund-raising targets.
SBI Group as well as Japan’s SoftBank are also key investors in OneConnect.