Japanese bank Mizuho enters joint venture with Metaps for digital wallet app

Mizuho Financial Group, Mizuho Bank, Metaps and World Innovation Lab, LLC have recently announced an agreement for capital participation and business cooperation for the purpose of providing a new payments settlement service.

Based on a MoU signed by the four companies on October 13, 2016, the four parties will establish a new company with the primary purpose of providing a new digital wallet app for electronic payments and leveraging big data.

This jointly-established new company will be able to take advantage of Mizuho’s customer base and expertise in financial services together with Metaps’ data analytics and electronics payments knowledge and smartphone app expertise, along with support from WiL, a venture capital firm with an extensive network of innovative service providers, to create and provide the new payment services detailed below.

Overview of new company

The following basic points were agreed upon regarding the company’s establishment. The company’s capital structure will be negotiated between the four founding companies with consideration of the new company’s medium- to long-term outlook.

1. Name: M Wallet Preparation Company Inc.
2. Head office location: 6-8-1 Nishi Shinjuku, Shinjuku-ku, Tokyo
3. Purpose of business: 1) Facilitation of electronic payment via digital wallet app 2) Payment data-leveraged marketing 3) Other related business
4. Date of establishment: May 1, 2017 (scheduled)
5. Representative Director: Mitsuhiko Ogihara (currently President & CEO of SPIKE Payment Inc.)
6. Launch of operations: Summer 2017 (scheduled)

Outline of digital wallet app for electronic payment

1. Issuance of e-money credited directly from bank account
2. Provision of digital wallet app that utilizes e-money
3. Targeted marketing that connects users with member stores through analysis of payment data

The four companies plan to continue to explore the possibilities of FinTech services through the development of this digital wallet app.