Sumitomo Mitsui pushing forward with biometric ID venture
03 April 2017 16:20 GMT

Japan’s Sumitomo Mitsui Financial Group will send its application for a biometric ID system to the financial watchdog this week.

The bank is developing a way for consumers to verify their identity using their biometrics for online payments with Tokyo-based NTT Data and Irish biometrics company Daon.

The group says the technology takes advantage of looser restrictions on Japanese banks' ability to invest in financial technology businesses, reports the Nikkei Asian Review.

The megabank will own a majority stake in the new fintech venture, which will become a 20-person company set to launch this spring and start operating as early as July.

Once the platform is developed, the venture will pitch it to online shopping and travel booking sites, electricity and gas companies, insurers and others.