SBI Holdings said its wholly owned subsidiary SBI Financial Services will acquire additional shares in Double Standard Inc., raising its stake to make the Tokyo-based data solutions provider to make it an equity-method affiliate.
SBI Holdings Raises Stake in Double Standard Inc.
SBI Financial Services, an intermediate holding company for the group’s financial services business, entered a capital and business alliance with Double Standard in December 2019.
The latest purchase of 55,000 shares through market transactions will lift the group’s voting rights ownership ratio from 19.73% to 20.13%.
Double Standard specialises in generating and supplying big data to corporate clients using proprietary data-cleansing technology. SBI said the company has supported system development and operations for group companies, particularly through SBI Securities.
SBI noted that the expansion of its customer base, including surpassing 14 million comprehensive securities accounts in March, has created challenges in managing and utilising data.
The increased stake is intended to strengthen the application of Double Standard’s data-cleansing technologies, support the adoption of public personal authentication services using the My Number Card, introduce its digital transformation services to group companies and partners, and provide on-site consulting to improve systems and operations.
The company added that the transaction is expected to have a minor impact on its consolidated financial results.
SBI Holdings said the move reflects its “Customer-Centric Principle” and aims to resolve operational issues while contributing to Double Standard’s growth.
