|
|
Japan's financial group SBI Holdings has announced the launch of a new venture fund with a scale of 100 billion yen. Traditional financial giants, including Sumitomo Mitsui Banking Corporation, will participate, jointly supporting relevant startups in Japan.
SBI's new fund supports Web3, AI startups. SBI Holdings will launch a new fund by the end of 2023, focusing on investing in fintech, metaverse, Web3, AI, and other related startups. The total number of invested companies is expected to range from 150 to 200, with individual project investments ranging from hundreds of millions to tens of billions of yen.
According to CoinPost, the fund's total amount will reach 100 billion yen (approximately $662 million), with major domestic and regional banks participating. The following institutions have committed to investing 50 billion yen each:
- Mizuho Bank
- Nippon Life Insurance
- Sumitomo Mitsui Banking Corporation
- Nomura Holdings
SBI expects to reach 10 trillion yen by 2027. SBI representatives pointed out that venture funds with a scale of 100 billion yen are rare in Japan, and the number of unicorn companies with a market value exceeding 100 billion yen is still relatively low compared to the United States and Europe. To foster startups and compete globally, there is a need for sufficient funding.
SBI anticipates that through a five-year implementation plan, the fund will expand more than tenfold by 2027, reaching a scale of 10 trillion yen. Both public and private sectors in Japan will work together to achieve this goal.
Key to the success of Web3 in Japan is tax reform. CoinPost notes that one of the biggest challenges for Web3 businesses in Japan is the tax system. The Japan Blockchain Association has recently proposed three major tax reform demands. The final outline of the tax reform proposed by the Japan Tax Commission is expected to be announced in mid-December. |
|
Post time 14-11-2023 06:47:10