Mizuho to collaborate with Itochu, others in fintech

Mizuho Financial Group plans to set up a joint company in June with major trading house Itochu and other companies to create new businesses in the field of financial services using information technology, or fintech, according to informed sources. After the establishment of the joint company, Mizuho and its partners will consider new financial services such as electronic money issuance under a common brand with other financial institutions including regional banks, the sources said. The other companies include Dai-ichi Life Insurance, a unit of Dai-ichi Life Holdings. They will also discuss such ideas as using e-money for shopping and remittances and launching electronic settlement services, all mainly by smartphone, and automating clerical work at financial institutions using artificial intelligence. In the future, the joint company will offer the systems and financial services it develops to other businesses, aiming to develop earnings from service charges.