SBI Holdings, Mesh, and Money Forward to Launch Crypto Infrastructure Joint Venture in Japan

SBI Holdings, Mesh Connect, and Money Forward have entered a basic agreement to establish a joint venture in Japan by 2026. This partnership aims to build on-chain settlement infrastructure and simplify digital asset transfers through API connectivity, addressing the fragmentation that currently forces fintech users to navigate multiple disconnected cryptocurrency exchanges and wallets.

What was announced

The three companies intend to launch the joint venture by 2026, pending final agreements and regulatory approvals. The entity will focus on the Japanese market, utilizing Mesh’s API technology to bridge the gap between various cryptocurrency exchanges and digital wallets. The primary goal is to eliminate the complex procedures currently required for users to connect accounts, transfer assets, and settle payments.

The venture will specifically explore four key areas: seamless account connectivity between services, simplifying the purchase and usage of digital assets, constructing payment functions using crypto assets and stablecoins, and providing tokenized asset infrastructure to financial institutions. Under the agreement, SBI Group will contribute its financial services infrastructure and regulatory expertise. Mesh, headquartered in California, provides the underlying API integration technology already used globally. Money Forward, which is an existing shareholder in Mesh, will provide management support and business development initiatives within Japan.

Following the establishment of the venture, the partners plan to commercialize services that streamline the flow of purchasing, sending, and settling digital assets. In the future, the companies will consider expanding into connection and settlement areas related to stablecoins and tokenized assets, supporting the construction of a next-generation financial infrastructure where digital assets and fiat currencies are linked.

"Our aim is to simplify the traditionally complex digital asset usage flow, thereby improving user convenience and stimulating trading activity."

A statement from the joint announcement by SBI Holdings, Inc., Mesh Connect Inc., and Money Forward, Inc.

The companies involved

SBI Holdings is a major financial services group based in Minato-ku, Tokyo, led by Chairman and President Yoshitaka Kitao. The company has established a significant presence in the digital asset space, operating across various segments of the traditional and decentralized financial markets. Mesh Connect Inc., led by CEO and Co-founder Bam Azizi, is a California-based infrastructure provider specializing in API connections for the cryptocurrency ecosystem. Its technology is designed to enable seamless interactions between exchanges and wallets, reducing friction for end-users by connecting services through API integration. Money Forward, Inc., headquartered in Chuo-ku, Tokyo, is a prominent Japanese fintech firm led by President and Group CEO Yosuke Tsuji. Known for its personal finance management and SaaS platforms, Money Forward is already an investor in Mesh. The collaboration brings together SBI’s regulatory and institutional weight with Mesh’s technical connectivity and Money Forward’s experience in the Japanese consumer software market, positioning the joint venture as a bridge between traditional Japanese finance and the emerging on-chain economy.

What FF News has reported before

SBI Holdings has been consistently active in the institutional crypto and stablecoin sectors. FF News recently reported that EDX Markets Secures $76 Million Series C Led by SBI Holdings to Scale Institutional Crypto Infrastructure, highlighting the group's commitment to building professional-grade trading environments. Additionally, the group has shown interest in the growth of digital asset platforms in emerging markets, as seen when Fasset Hits $1B Unicorn Status with $68M Series C Led by SBI Group. SBI’s broader ecosystem involvement also extends to localized digital currency initiatives, including coverage of how Fasset Becomes First Global Platform to List UAE’s Dirham-Backed Stablecoin DDSC.

What this means

This joint venture signals a move toward the aggregation phase of the digital asset market in Japan. By focusing on API-led connectivity, the partners are addressing the primary barrier to retail and institutional adoption: fragmented liquidity and siloed user experiences. If successful, this infrastructure could place significant pressure on standalone exchanges that lack deep integration with broader financial ecosystems. The move also highlights the growing importance of stablecoins and tokenized assets as legitimate components of national financial infrastructure rather than speculative outliers. The key question for the sector is whether regulatory frameworks in Japan will evolve quickly enough to support the seamless on-chain settlement these companies envision.