Japan-based financial services firm Sumitomo Mitsui Financial Group (SMFG) has launched an innovation hub called Hoops Link in the city of Tokyo, The Bridge reported yesterday.
Hoops Link will build on the financial technology innovation efforts by IT Innovation Department, the open innovation unit SMFG established in 2015. It will work with local startups and the hub will host pitch meeings, networking events and seminars.
SMFG has also formed a partnership with US-based venture capital fund Work-Bench and Stanford University’s accelerator, StartX. The bank plans to launch its own accelerator in 2018, according to The Bridge.
Hoops Link joins several other innovation hubs formed by Japan-based financial services providers, including Mitsubishi UFJ Financial Group’s The Garage and Fukuoka Financial Group’s Diagonal Run Tokyo.