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Sony Bank has decided to establish a subsidiary related to web3 business, with plans to start operations in the fall.
Sony Bank announced that it decided to establish a wholly-owned subsidiary engaged in web3-related businesses at its board of directors meeting on May 27. It plans to obtain the necessary approvals from relevant authorities and aims to establish the subsidiary around June 2025. (Other business bank enhancement company: A bank subsidiary as defined in Article 16-2, Paragraph 1, Item 15 of the Banking Act)
The new company plans to provide financial services such as NFTs, cryptocurrency wallets, and cryptocurrency exchange operations. It aims to create a world that connects fans with artists, digital with physical, and fiat currency with digital assets, with a business launch scheduled for around autumn 2025.
Sony Bank is already offering a web3 entertainment app "Sony Bank CONNECT" and is considering collaboration with new companies. They are in the process of exploring new experiences that fuse finance and web3.
Prior to this announcement, Sony Group has initiated a strategic partnership with Bandai Namco Holdings and Gaudiy. The key themes they are focusing on include accelerating the global expansion of Japanese IP and building an ecosystem utilizing blockchain technology.