Add DoCoMo into the mix.
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scmp.com
Softbank to bring financial services to fore this year
KAI PETER YU
Cheung Wah Development, Softbank's SAR-listed vehicle, will introduce the first of 12 affiliated on-line financial services providers into Hong Kong and possibly other key Asian markets in the second half of this year, according to chairman Yoshitaka Kitao.
Softbank is also in talks with Japanese mobile-phone operator NTT DoCoMo to enter the fray for Hong Kong's potentially immense wireless-Internet market.
Mr Kitao said that E-Trade, the largest Internet brokerage, probably would be the first financial service provider it would introduce into Hong Kong.
Morningstar, a US-based on-line provider of investment research and mutual fund ratings, probably would be the next to follow, he said.
Softbank holds 25 per cent of E-Trade and 20 per cent of Morningstar and has controlling interests in their Japanese arms, E-Trade Japan and Morningstar Japan.
Mr Kitao said Cheung Wah, to be renamed Softbank International Investment Strategic, would forge alliances with local banks and other companies to form the Hong Kong-based on-line financial services companies but did not give details.
He said the localised financial service providers under Cheung Wah would provide content for the mobile-Internet service that he hoped to launch with NTT DoCoMo and other partners.
While Softbank had yet to sign a firm agreement with US parents E-Trade and Morningstar, Mr Kitao was confident that they would agree to make the move in the coming months.
"Our US partners will welcome the move," Mr Kitao said. "They want to extend their brands and expand geographically . . . also to Korea and mainland China."
Eventually, all 12 of the on-line financial services providers in which Softbank has invested would be introduced into Hong Kong to provide a full spectrum of financial services over the Internet.
Other brands under Softbank's umbrella include E-Loan, InsWeb and CyberCash.
Mr Kitao, who is also chief financial officer of Softbank, said he had been in talks with NTT DoCoMo, Japan's biggest mobile-phone operator, about introducing its popular iMode service into Hong Kong.
A service which allows mobile-phone users to check e-mail and gives limited Internet access, iMode, has been a success in Japan, with over 5 million subscribers.
Mr Kitao said information services such as real-time stock quotes, news and research and other content would be offered to subscribers to the service.
Mr Kitao said that Softbank would invest US$12.3 billion in Asia, of which US$1.3 billion has so far been earmarked for Internet ventures in Japan.
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