Sumitomo and SBI Holdings to take stakes in Vietnam's FPT AI unit

Sumitomo and SBI Holdings will each acquire a 20% stake in a unit of Vietnam's software and telecommunications conglomerate FPT to foster artificial intelligence adoption in Japan, according to a statement. Sumitomo and SBI will invest in FPT Smart Cloud Japan, which oversees FPT's Japan AI data center, according to a statement from the Vietnamese technology firm. FPT will remain the unit's major stakeholder, it said. SBI Holdings late last year signed a memorandum of understanding to acquire as much as a 35% stake in FPT's Japan cloud unit. FPT is setting up a Japan AI data center, with an initial investment of 200 million.