Sumitomo Mitsui Financial Group to form new biometrics firm
Sumitomo Mitsui Financial Group Inc. (SMFG) plans to partner with a major Japanese IT firm and an Irish company to form a new biometric authentication services company as early as this spring, according to a report by The Japan News citing sources.
SMFG will have a more than 50 percent stake in the new company, and a major Japanese IT firm is also considering investing in the new entity.
Currently, smartphone biometric authentication is only capable of unlocking devices and identifying individuals for certain digital payments.
The new company aims to expand on these offerings to include all internet services, making them them available for finance, mail order, and other areas.
With stiff competition surrounding FinTech, the need to improve financial security has become a key necessity.
If Japanese banking institutions lead the services in the field, it is expected to expand both Japanese financial services and the internet market.