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Banking & Finance News Stories Technology

Japan SBI Invests in US-based OpenLegacy for $20M

Japan’s SBI Holdings has invested $20m in core banking US-based OpenLegacy Technologies.

SBI Holdings, sometimes referred to as Strategic Business Innovator Group, is a financial services company group based in Tokyo, Japan.

Referring to Openlegacy, SBI noted: “Using this platform, financial institutions can easily achieve API integration with the smartphone money transfer app “Money Tap,” supplied by Money Tap Co., Ltd., a provider of next-generation financial infrastructure.”

SBI will now suggest using the OpenLegacy API platform that allows for the digital transformation of regional banks. It aligns with Japan’s national revitalization policy.

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SBI Japan (Credits: hindustantimes.com)

“We will continue to actively develop next-generation industries and enhance the enterprise value of the venture companies in which we invest,” SBI said.

US-based OpenLegacy automates the creation, optimization, testing, and deployment of APIs for core (legacy) systems. It is said that the company facilitates the creation of APIs without the costs, time, resources, and risk usually associated with the process. This allows companies to create microservice-based APIs, enabling them to expand their core platform to the Web, Mobile and Cloud.

Openlegacy counts Citi, Liberty Mutual, FIS as well as BNP ParibasCardif as its clients.

SBI’s “investment opens the door to Japan….. it is an important milestone in our global expansion,” said Ron Rabinowitz, president at OpenLegacy. The company caters to clients across markets including Europe, LATAM and Asia, apart from the United States.

The Finance Group (SBI) focuses on three main financial service businesses: shares, banking, and insurance. It provides financial products and related services based primarily on loans in securities, finance, insurance, and housing.

Recently, it led a $61 million funding round for Vietnamese e-commerce startup Sendo.

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