SBI Holdings, Mesh Connect and Money Forward will establish a Japanese joint venture in 2026 to build digital asset connectivity and payment infrastructure, the three companies said in an Oct. 7 statement. Mesh Connect will hold a 60% controlling stake, with SBI Group at 26% and Money Forward at 14%.

What will the joint venture actually do?

The venture's initial mandate covers four operational areas: connecting digital asset accounts, simplifying crypto purchases and transfers, and developing payment solutions that use crypto assets and stablecoins.

The partners will also examine services for tokenized assets and digital payments used by financial institutions and enterprises.

Over the longer term, the joint venture intends to expand further into stablecoin and tokenized-asset connectivity, positioning the entity as an integration layer for users that need on-chain and off-chain payment flows to interoperate through a single technical stack.

How is the deal structured?

The 60/26/14 split makes Mesh Connect the controlling partner and the primary contributor of underlying technology. The Oct. 7 release describes Mesh's role as providing API-based connectivity infrastructure that already links crypto exchanges, wallets and other digital asset services.

SBI Group, one of Japan's largest fintech groups, takes 26% and contributes its financial services network and regulatory expertise.

Money Forward, an existing Mesh shareholder, holds 14% and is responsible for management support and helping expand the business inside Japan.

The arrangement leaves Mesh with operational control while distributing regulatory and distribution risk across two Japanese counterparties with established compliance and customer-acquisition capabilities.

What still has to happen before launch?

The Oct. 7 announcement reflects a basic agreement only. The three companies still need to sign definitive agreements, clear internal approvals and complete formal regulatory engagement before the entity launches.

The release does not name the joint venture, disclose capital commitments, or specify a target date for converting the basic agreement into binding documents.

The 2026 establishment target leaves a runway for the venture to incorporate, secure any payment-services authorizations that Japanese law requires for stablecoin handling, and sign initial institutional customers before operations begin.

What is the strategic logic of the partnership?

The structure combines three distinct layers of capability. Mesh supplies the technical plumbing for moving value between exchanges, wallets and payment endpoints through its API-based connectivity platform, infrastructure that already serves digital asset counterparties.

SBI Group contributes a domestic distribution network and a track record of regulatory engagement with Japanese authorities on digital asset products.

Money Forward adds operational support and an existing presence in Japanese personal finance and enterprise software.

A payments-focused entity built on that combination could serve as an integration point for Japanese banks, payment processors and stablecoin issuers that need compliant connectivity to crypto exchange and wallet services without building those links in-house.

The three companies expect to convert the basic agreement into definitive documents and establish the joint venture in 2026, subject to corporate approvals and regulatory sign-off.