SoftBank, headquartered in Japan, is planning to create a global digital payments system to challenge well-established enterprises such as PayPal, China Alipay, and Apple Pay. Softbank will lead a consortium backed by some of the world’s biggest banks for payments and online finances.
Led by Masayoshi Son, the investment, and technology firm, described as a maverick by Times, one of the world’s most aggressive investors in tech, Softbank controls the £70bn Vision Fund in a partnership with the Saudi government. SoftBank has bought a number of start-ups in the US in 2017. In the UK it acquired chip designer Arm Holdings for £24bn in 2016.
Many of the world’s technology giants and online payments are keen to get a share of the global finance industry as a strategy. Industry sources suggest that Softbank is looking for to take over a large financial software business to strengthen the new platform.
Swiss firm Temenos is one of the target software company that provides software to the majority of the world’s big financial institutions. With the circulation of this news, shares in Temenos jumped by 20%.
Competition and innovation in the payments market are going to be benefitted and this development related to SoftBank looks interesting. However, it difficult to predict the final results.
SoftBank provides a number of state-of-the-art services such as SoftBank’s’ white cloud, smartphone, mobile care service, landline service, network and VPN services for increasing productivity. These are well known to its customers.