SMFG and SBI join hands to target Japan’s growing affluent class with $69 billion plan

Sumitomo Mitsui Financial Group and SBI Holdings are partnering to offer wealth management services to affluent Japanese customers, targeting ¥10 trillion in investments within five years. This venture aims to capitalize on the growing digital affluent segment, projecting profitability in three years and ¥10 billion in pre-tax profits in five.