Under the deal, Sony Bank will roll over a certain portion of its equity and will continue to support the growth of Sony Payments Services (SPSV) as a minority investor.

The consumer electronics giant established its payment service business in 1995, and launched its banking business in 2001. SPVS was spun off as standalone company in 2006. The business is currently one of the top payment service providers in Japan, offering high-speed and secure infrastructure for customers and businesses to process online payments.

Hidehiko Nakamura, president and CEO, Sony Payment Services, says: “SPSV has solidified a healthy market position and earned the trust of customers as a high-quality payment service provider. We believe this partnership with Blackstone will boost SPSV’s capabilities through investments in IT and talent to help accelerate its growth journey, particularly at an exciting time of growth for the electronic payment industry in Japan.”

The deal marks Blackstone’s first investment in the financial technology sector in Japan.

Atsuhiko Sakamoto, Blackstone’s head of private equity in Japan, says: “Digitization of the economy is a key trend around the world including Japan, and SPSV is exceptionally positioned to benefit with its sophisticated technology and robust customer base. We’re committed to bringing our operational and technology expertise and scale to support SPSV’s growth.”