Jiji Press TOKYO (Jiji Press) — SBI Holdings Inc. President Yoshitaka Kitao aims to raise ¥100 billion for a business succession fund for small companies, to be set up shortly with regional financial institutions.
Many aged business managers are struggling to find successors in Japan. This problem is serious especially in rural areas.
In a recent interview with Jiji Press, Kitao said SBI will work with regional banks to resolve the issue of massive business closures as soon as possible.
The fund will buy shares in owner-managed enterprises that borrow from regional banks and face difficulty finding successors.
The fund will work to enhance their corporate value so that they can be listed.
Kitao stressed that business succession processes “will be accelerated because the SBI group will help with the search for buyers of the shares.”
He added that the size of the fund “will definitely reach ¥100 billion” by the time of the 2025 World Exposition in Osaka.
Meanwhile, Kitao said that SBI will start an international money transfer and payment services using blockchain, the basic technology for digital currency transactions, before the Osaka Expo, which will draw a large number of foreign tourists.
Kitao expressed a wish to make the service available at the Expo venue if relevant laws are established.