TechFlow news, according to Coinpost, Japanese financial group SBI Holdings plans to establish a 100 billion yen (approximately $660 million) fund within 2023 to invest in startups operating in Web3, artificial intelligence (AI), and the metaverse, attracting investments from multiple banks.
The initiative aims to support between 150 and 200 startups, with individual investments ranging from several hundred million to several billion yen.
SBI has already secured over 50 billion yen in funding commitments from financial institutions including Sumitomo Mitsui Banking Corporation, Mizuho Bank, Nippon Life Insurance, and Daiwa Securities Group.
Meanwhile, the government is considering tax reforms for Web3 companies to promote sector growth. It aims to expand total investment in startups from 800 billion yen to 10 trillion yen by fostering public-private collaboration, nurturing more unicorn and innovative firms, and positioning Japan as one of Asia's largest innovation hubs. The outline of the tax reform will be released by mid-December.
