SBI Holdings, Mesh Connect and Money Forward agree on Japanese digital asset joint venture
SBI Holdings, Mesh Connect and Money Forward agree on Japanese digital asset joint venture #
SBI Holdings, US-based crypto infrastructure firm Mesh Connect and Tokyo-listed fintech Money Forward have reached a preliminary agreement to establish a joint venture in Japan for the purchase, transfer and settlement of digital assets, the three companies announced on October 7.
The proposed entity, tentatively named Mesh SBI Money Forward Network KK, is capitalized at ¥100 million and is scheduled to launch before the end of 2026, subject to finalization of definitive agreements, completion of internal approvals and any required regulatory engagement. The venture will focus on the Japanese market.
Mesh Connect, headquartered in California and led by CEO and co-founder Bam Azizi, will hold a 60% controlling stake. SBI Group will hold 26% and Money Forward the remaining 14%. Both Japanese companies are existing shareholders in Mesh Connect.
The venture aims to reduce fragmentation in Japan’s digital asset market, where users currently navigate separate, often siloed crypto exchanges and wallets. Mesh’s API-based connectivity infrastructure, combined with SBI’s regulatory expertise and Money Forward’s business development capabilities, is intended to simplify account connectivity, streamline asset transfers between platforms and develop crypto and stablecoin payment infrastructure.
According to the joint announcement, near-term activity will focus on running a crypto-asset service provider operation in Japan, centered on account connectivity and interoperability between exchanges, wallets and payment services. Stablecoin payments and tokenized asset services for financial institutions and enterprises are described as longer-term goals, contingent on the regulatory environment.
The announcement comes as Japan prepares to shift its regulatory treatment of crypto assets from the Payment Services Act to the Financial Instruments and Exchange Act, a transition that would bring the sector closer in line with conventional financial services oversight. SBI Holdings has pursued digital asset expansion in recent years, including consolidating its domestic crypto exchange business.
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