Mizuho Financial Group would establish an incubator for virtual currency and the development of Artificial Intelligence (AI)-based loan-screening ventures.

In a move to keep abreast of advances in financial technology, Mizuho Group is launching a new incubator in conjunction with California-based start-up WiL.

WiL would become the largest shareholder of Mizuho’s incubator program, while Japan’s Itochu, Sompo Japan Nipponkoa Insurance, and Dai-ichi Life Insurance were in the group of parties in talks over various shareholder percentages.

The incubator would employee up to 60 workers, mostly digital technology development engineers, and would consider takeovers and initial public offerings (IPO), in addition to its primary role nurturing fintech start-ups.

The first development tasked to the incubator was the development of electronic money utilising AI technology.