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Softbank building digital payments system as it sets eyes on the financial industry

A large global digital payments system is under construction by the Japanese technology firm Softbank, according to The Telegraph. The system could be in direct competition in size and market to PayPal, according to reports.

In building such a project, Softbank would be eyeing up a large financial software business to cement the system technology and intelligence. Sources have also stated that the tech firm would lead a consortium backed by some of the world’s biggest banks.

Softbank has been investing in the financial industry for a long while. Just in December last year, Softbank led the Series C funding of Lemonade, an insurance company powered by AI.

Paytm, the Indian e-payments company, also had extensive financial support from Softbank last year, as it prepared to launch a payments bank.

There had been rumours that Temenos was next in sight for the Japanese giant. The core banking system supplier’s shares went up by 20% following the reports, although these were later denied.

However, according to the story, Softbank still has a large project lined up, although no details have been unveiled.

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