Japan's Mizuho aims to build warchest for Asia fintech investment

TOKYO: Mizuho Financial Group aims to build a warchest of several billion dollars in the next five years to target financial technology in Asia, its chief said, as the Japanese megabank looks to chart a different path from its bigger rivals.

"I have an image that we will be able to have several billion dollars for investment," chief executive Tatsufumi Sakai said in an interview with Reuters last week that was embargoed for release on Tuesday. Mizuho has already made some forays into the digital space. In 2016 it jointly founded online credit scorer J.Score Co with SoftBank Corp.Last year, it agreed with Line, the dominant messenger app in Japan, to launch a smartphone-focused bank, aiming to start its operation in fiscal 2020.

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