Money Forward and Sumitomo Mitsui Card combine forces for “customer-centric open money platform”

Money Forward and Sumitomo Mitsui Card have signed a memorandum of understanding concerning a capital and business alliance, including the establishment of a joint venture (planned for December 2024), covering individual customers. The two companies will also consider collaboration in businesses for sole proprietors and corporations.

Through this alliance, the two companies aim to solve the financial challenges of more customers by integrating and maximizing the value of their respective services. This includes Money Forward’s various financial services for individual customers, centered on the №1 household bookkeeping and asset management app “Money Forward ME”, and Sumitomo Mitsui Card’s cutting-edge digital-based cashless services and SMBC Group’s comprehensive financial services for individual customers, “Olive.”

Background and Purpose of the MOU

With the rapid digitization and spread of cashless payments, and the launch of the new NISA system, the financial environment surrounding individual customers is changing rapidly, and their financial needs are becoming increasingly diverse. In their respective fields, Money Forward and Sumitomo Mitsui Card have been providing advanced and convenient services that meet these needs.

Money Forward’s money visualization service “Money Forward ME” can be linked to over 2,460 financial services, including banks, credit cards, securities, and point programs. It automatically creates household accounts by acquiring information such as deposit/withdrawal history, balances, and purchase history. Money Forward has also developed features that allow users to check the ratio of their financial assets and daily valuation gains and losses, as well as a new course specializing in asset formation to help users with asset management. Currently, the number of users has exceeded 16.1 million, the amount of linked financial assets has exceeded 25 trillion yen, and the app boasts the №1 usage rate as a household account book and asset management app.

Sumitomo Mitsui Card, together with Sumitomo Mitsui Banking Corporation and other partners, launched the comprehensive financial service “Olive” for individual customers in March 2023. Olive allows customers to seamlessly use bank accounts, card payments, financing, online securities, online insurance, and other functions on a mobile app. In just over a year since its launch, Olive has gained high acclaim from many customers as a “NEW STANDARD” in financial services, with over 2.3 million customers opening accounts. SMBC Group is also expanding their services through collaborations and partnerships with top players in the financial and non-financial industries.

Through this alliance, the partners will create a “customer-centric open money platform” by combining the functions of “Money Forward ME,” which can manage all household budgets and assets, with all the financial functions of “Olive,” such as bank accounts, card payments, financing, and online securities. Through this platform, the partners aim to provide a revolutionary customer experience unlike any other.

Planned Future Services

Through this alliance, the partners aim to create a “customer-centric open money platform” and are considering the following services:

• Seamless Funds Transfer: By combining Money Forward’s money visualization service “Money Forward ME” with SMBC Group’s “Olive” functions, the partners will provide a seamless funds transfer experience. In addition to allowing customers to view the balances of their accounts at various financial institutions on a single screen, they are considering a function that will allow customers to transfer funds between financial institutions with intuitive operations such as drag and drop.
• Real-Time Household Budget Management: By combining Sumitomo Mitsui Card’s real-time credit card transaction notification service with Money Forward ME’s asset visualization function, the partners are considering a function that will quickly reflect credit card usage information in household accounts. Real-time transaction notification and reflection in household accounts will not only allow customers to use their cards with peace of mind but also eliminate the worry of overspending.
• Personalized Loans: By analyzing Sumitomo Mitsui Card’s credit card and “Olive” usage history and “Money Forward ME” household budget data, the partners will consider a function that will suggest in advance the amount of money customers can borrow. By setting an appropriate loan amount, they will not only alleviate customers’ anxiety about unexpected expenses but also support them in making repayments that are manageable.
• Point-Accumulating Household Account Book: The partners are considering a function that will allow customers to earn “V Points” at a more advantageous rate depending on their usage of “Money Forward ME.” They will update the household budget management and review the experience to be even more enjoyable and rewarding.
• AI-Assisted Financial Support: The partners are considering an AI assistant function that analyzes customers’ household budget and asset status, as well as their usage of various financial services, and proposes how each customer should use their money. This will allow customers to use their money in the best possible way, beyond the constraints of banks, cards, securities, and other categories, such as whether to pay back money now or invest it.

In addition to the above, the partners will aim to realize new customer experiences in the business domain for sole proprietors and corporations by combining the strengths of both companies.

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