SMFG and SBI Said to Be Planning JV for Japan’s Emerging Rich

Sumitomo Mitsui Financial Group Inc. and SBI Holdings Inc. are considering teaming up to start a business that will provide digital wealth management services for customers that aren’t the richest in Japan but still prosperous, people familiar with the matter said.

The plan is for the new joint venture to be funded by two SMFG firms, Sumitomo Mitsui Banking Corp. and SMBC Nikko Securities Inc., and SBI Securities Co., part of the Tokyo-based SBI financial group, said the people, who asked not to be identified discussing matters that aren’t public. Details such as investment amount and how that will be split up are being finalized, and the new company may be announced as early as the end of March.