#Japan #Tokyo #Olive #SMBC Group #SBI Group

SMBC Group and SBI Group Collaborate for Olive Asset Management

In a significant development for the financial services sector, SMBC Group and SBI Group have announced a strategic partnership aimed at launching a new asset management service under the overarching brand of Olive. This collaboration represents a concerted effort to provide enhanced value and convenience to individual customers, reflecting the evolving needs of today's investors.

Background of the Collaboration

The roots of this partnership trace back to April 2020, when SMBC Group and SBI Group entered into a strategic capital business alliance. Since that agreement, both groups have worked tirelessly to offer high-value services to individual clients. For instance, in 2021, they introduced a mutual fund investment service allowing customers to purchase investment trusts using credit cards from SMBC Group, which has recently amassed a monthly accumulation rate exceeding 85 billion yen.

As of March 2023, the Olive financial service commenced operations, with SBI Securities ensuring robust online brokerage capabilities. Currently, over 5.7 million customers utilize Olive’s features, highlighting its growing popularity in the financial market. With the advancement of digital transactions, there's been a noticeable shift in customer behavior, with more individuals blending online and offline banking experiences. Many customers prefer the convenience of digital services but still seek expert advice when faced with challenges, prompting this strategic partnership.

To address these emerging demands, the two groups are committed to enhancing Olive’s asset management services by integrating digital functionality with personalized consulting. This approach is intended to allow customers to mix and match services that align with their varied lifestyles and preferences.

Overview of the New Joint Service

The new service will introduce Olive Infinite, an elevated tier within the Olive offering. This premium service will combine payment and asset management solutions tailored to meet the needs of qualifying customers. Additionally, asset management services will be upgraded for all Olive users.

One remarkable feature of Olive Infinite is its adoption of Japan's first Visa Infinite rank, which promises to deliver exceptional cashless experiences. The service also provides various exclusive benefits that can add considerable economic value, including potential rewards up to 110,000 yen and a point rebate of up to 6% on SBI Securities' card investments.

The Flexible Consulting option will further enhance customer interaction, allowing clients to use a mix of AI chat and personal consultations via chat, phone, or video calls. Options for in-person consultations are also available at designated Olive locations.

Customers will have the flexibility to choose their advisors based on skills and expertise, allowing them to create a personalized team of specialists tackling financial concerns efficiently.

Launch Schedule

As for the timeline, the establishment of a preparatory company is expected by July 2025, pending necessary regulatory approvals. The full launch of Olive Infinite is projected for Spring 2026.

Both groups, SMBC and SBI, are excited about this collaboration, as it aims to revolutionize the way customers approach asset management by integrating cutting-edge technology with personalized support strategies. By leveraging their respective strengths and resources, they hope to set a new standard in the financial services landscape, promoting a customer-centric approach that can adapt to varying demands.

In conclusion, the collaboration between SMBC Group and SBI Group marks a transformative step in the financial services industry, paving the way for enhanced user experiences and innovative solutions in asset management.