SMBC is one of Japan’s leading banks and the core unit of Sumitomo Mitsui Financial Group, SMFG. In recognizing the importance of innovation, SMBC has been providing financial support to start-ups and hosting pitch contests and meet-up events in Japan. One recent example is launching an open innovation space in Tokyo in September 2017.
SMBC is also passionate about becoming an innovator ourselves. We opened innovation labs in various locations and established joint ventures with promising technology companies to create new businesses or improve operational efficiency. We also held a hackathon to explore business cases using our bank’s APIs in 2016. SMBC is continuing and accelerating our “Asia-Centric“ strategy. Developing digital retail banking business in Asia is one of the key initiatives under this strategy. SMBC believes embracing the power of digital innovation will further enhance its capability to offer innovative solutions to our customers in this region.