Japan's Sumitomo Mitsui Banking Corporation (SMBC) has teamed with NEC Corporation and the Nippon Research Institute to set up a Tokyo-based joint venture company that will develop and sell core banking systems to financial institutions in the region, according to a report by the Kyodo news agency.
NEC will own 51% of the new company, called N&J Financial Solutions, while the Nippon Research Insutute will hold a 44% stake. The remainder of the capital will be put up by SMBC.
According to the report, the 330-person venture will develop banking systems for use at both SMBC and regional financial institutions, as well as provide system integration services.