PayKey, a fintech startup bridging the gap between banking and social, and SBI Group, global financial services company, today announced the creation of SBI PayKey Asia.

The new company will initially develop a sales and marketing team to sell PayKey’s Mobile Banking Keyboard in Japan, before expanding its reach across Asia.

Banks are battling to remain relevant as they face an unprecedented competitive environment coupled with changing consumer expectations for instantaneous, highly-efficient, and seamless financial experiences. PayKey enables banks to increase brand engagement by transforming the smartphone’s keyboard into a new channel for financial services, information, and communication.

With its patent-pending Mobile Banking Keyboard, PayKey enables banks to provide their customers with the ability to initiate and complete a range of financial services, including P2P payments, balance check, cardless cash withdrawal, chatbot engagement, and more, from within any mobile application without needing to open the bank’s app.

Offering a cross-platform banking button on the smartphone’s keyboard boosts banks’ brand engagement while making the banking experience quick, contextual, and simple for users.

“PayKey offers a very attractive value proposition for banks, as the company provides a solution to a global problem, while requiring very little technical integration and no added security risks,” said Yoshitaka Kitao, Representative Director, President and CEO of SBI Group.

“They’ve shown very impressive traction in the market, with multiple commercial deals globally, including going live with one bank in Asia Pacific a few months ago. We’ve seen that there is a strong need for PayKey’s social banking solution and we’re excited to drive its adoption throughout Asia.”

SBI Group has a long track record of successfully building joint ventures with international financial services brands, including E-LOAN, E*TRADE, Morningstar, and Sumitomo Mitsui Trust Bank. The company also holds stakes in ten financial institutions across ASEAN, providing a ready-made distribution network for PayKey’s mobile banking solution.

“As a very innovative internet bank, SBI is the ideal partner for us,” said Daniel Peled, CEO and co-founder of PayKey.

“Japan is a very strategic market and is the stepping stone to Asia. We’re excited to be partnering with such an influential player to extend PayKey’s reach in Asia.”

SBI Group recently joined as an investor in PayKey’s $10m B Round announced in October.