Wirex, a cloud-based hybrid personal banking platform, and SBI Holdings have inked a memorandum of understanding (MoU) to establish a joint venture (JV) – SBI Wirex Asia.

The JV aims to deliver a Japanese cryptocurrency payment card and will also develop other co-businesses in the field of cryptocurrencies, DLT and payment.

The collaboration is followed by previous investment of $3m in Series A funding by the Tokyo-based group in Wirex earlier in 2017.

Wirex Japan CEO Wataru Kojima said: “I am pleased to see SBI Holdings enter into a relationship with Wirex, which will offer Japanese customers much improved choice and flexibility when it comes to cryptocurrency payments.

“Japan leads the world in bitcoin regulation and our accountants are armed with the tools to accept bitcoin on balance sheets. I will ensure Japan maintains our preeminent position in this space though providing the most innovative and cost-effective technologies globally.”

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By GlobalData