Mizuho, Softbank partner on AI-based no-outlet consumer lending firm

Mizuho Bank and Softbank Group Corp. on Thursday agreed to set up a 50-50 joint company to provide loans to consumers using artificial intelligence technology. Using customers' business histories with both firms for credit screening, the new firm will provide an innovative, attractive loan service through low-cost operations without outlets, Mizuho Bank and Softbank said. Capitalized at 5 billion, the new company will be established in November. Its operations are seen starting in the first half of 2017. Inc., the parent of Mizuho Bank, and Softbank President Masayoshi Son announced the launch of the new company at a press conference in Tokyo.