SBI Holdings, Mesh and Money Forward confirmed on September 30, 2026 that they have signed a strategic agreement to establish a joint venture focused on digital asset connectivity and stablecoin payments infrastructure in Japan. The partners said the venture is targeted to launch in the fourth quarter of 2026, subject to definitive agreements and regulatory approvals, with possible expansion across Asia-Pacific later.
The JV is intended to function as a connectivity layer across Japan's digital asset market. It will combine SBI's regulated financial infrastructure, Mesh's API network for linking exchanges and wallets, and Money Forward's fintech platform. Five initial priorities were outlined: account linking and asset transfers between exchanges and wallets, onboarding and purchase flows, infrastructure for regulated stablecoins, tokenized asset management for financial institutions and enterprises, and cross-border rails connecting digital assets, stablecoins and fiat payment networks.
Jason Ne Win, APAC CEO of Mesh, said the goal is to ensure that "the next generation of digital money does not become another collection of closed ecosystems." Takuya Sugiyama, general manager at SBI Holdings, said interoperability would be "critical to unlocking" the potential of digital assets and regulated stablecoins as they integrate into the financial system.
The partners have existing ties: Money Forward has been an investor in Mesh since 2023, while SBI Investment participated in Mesh's $75 million Series C round in January. That round was led by Dragonfly, valued Mesh at $1 billion, and brought total funding above $200 million. For SBI, the JV adds to a digital asset strategy that already includes a planned acquisition of crypto exchange Bitbank for 46.7 billion yen, which is expected to deliver roughly 1.1 trillion yen in crypto assets under custody and about 2.92 million accounts once completed around October.
The announcement also arrives as Japan's regulatory framework shifts. The Financial Services Agency's bill to move crypto assets from the Payment Services Act into the Financial Instruments and Exchange Act was approved by the Diet in July, introducing insider-trading rules and heavier penalties for unregistered operators. Most provisions are expected to take effect in 2027. The JV's ownership stakes, capital commitments, name and licensing needs have not yet been disclosed.
