SMFG and SBI join hands to target Japan's growing affluent class with $69 billion plan
Inc. and
SBI Holdings
Inc. plan to jointly offer
wealth management
services to affluent clients in Japan, aiming to manage ¥10 trillion ($69 billion) in assets over the next five years.
The new joint venture will be funded by
SMFG
and two of its group companies — Sumitomo Mitsui Banking Corp. and SMBC Nikko Securities Inc. — along with
SBI
Holdings Inc. and its main domestic brokerage, SBI Securities Co., according to a statement issued on Monday.
'The widespread adoption of mobile financial services is expected to accelerate the growth of the digital affluent segment, creating a significant market opportunity,' said Toru Nakashima, SMFG's chief executive officer, at a press conference. He said the joint venture aims to become profitable in three years and is targeting pre-tax profits of ¥10 billion within five years.
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The move highlights the growing potential of the
wealth
management sector in Japan. According to forecasts by the Daiwa Institute of Research, the proportion of Japanese households with financial assets of ¥50 million ($347,000) is expected to increase to 6.1% by the end of the fiscal year starting April 2035, up from 5% in fiscal 2019. The total amount of assets held by such households is also projected to rise by around a third to ¥953 trillion by the end of fiscal 2035, compared with the end of fiscal 2024.
Policymakers in Japan have been encouraging individual investors to move more of their savings into riskier assets like equities, as part of broader efforts to reduce reliance on government spending. These efforts come at a time when Japan's ageing population is putting pressure on the social security system.
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Despite these pushes, Japanese households remained cautious. As of the end of March last year, about 51% of their financial assets were still held in bank accounts, showing a conservative investment culture. This contrasts with roughly 12% in the US and 34% in the euro zone, based on data compiled by the Daiwa Institute of Research.
Other firms in Japan's financial sector have launched similar ventures.
Rakuten Securities Inc., which has a capital and business alliance with Mizuho Securities Co., set up a joint venture that began operations in April last year. That venture is targeting households with financial assets of ¥20 million or more. It is focusing on individuals in their 40s and 50s who are already Rakuten Securities customers and have a need for face-to-face financial services.
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