Japanese financial service giant SBI Holdings is to invest in PFM provider Moven and establish a joint venture to sell the company’s technology in Asia.
Moven’s smart spending, saving and budgetting apps, initially developed as a challenger bank in the US, have been licensed to a small number of banks around the world, including TD Bank in Canada and Westpac in New Zealand.
Under the Memorandum of Understanding signed with SBI, the Japanese conglomerate will offer Moven’s technology to domestic and overseas financial institutions.
The initiative will utilise the SBI Group’s network, including SBI FinTech Incubation, a group company that already supports regional financial institutions to introduce fintech services.
The value of the planned investment in Moven has not been disclosed.