Japanese media reported today that Japanese online financial giant SBI Holdings has canceled its joint venture with Ping An Group of China, mainly because of concerns about leaking customer information.
The Kyodo News reports that SBI Holdings cancelled its joint venture with Ping An Group of China mainly because the development cost of financial services was higher than expected, and the customer information of the financial institutions that imported the services might be leaked if the Chinese company participated in the system development.
The cooperation between SBI Holdings and Ping An Group of China, the leading Japanese local bank, was expected to lead to the reform of Japanese local banks, but the cooperation was aborted in the preparatory stage at a time when the importance of economic safety and security is becoming increasingly important.
The public relations department of SBI Holdings only said that the cancellation of the joint venture with Ping An Group of China was the result of a comprehensive assessment of the business environment, without giving detailed reasons. However, the source admitted in an interview with Kyodo News that it was related to the intensification of the confrontation between China and the United States and the consideration of economic and security risks.
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