SMBC announces issuance of stock options at startup subsidiary Wevox

Sumitomo Mitsui Financial Group announced that its subsidiary, SMBC Wevox, the first domestically established startup subsidiary of a Japanese megabank, has decided to issue stock options to its officers to strengthen their commitment to management. SMBC Wevox is a 55/45 joint venture between SMFG and Atrae.

SMBC Wevox is a cloud service that visualizes intangible organizational capabilities, such as employees’ characteristics and psychological states as well as company culture, in a timely manner to create opportunities for better decision making and actions within an organization.

Under the “President Manufacturing” initiative, SMBC Group supports employees who have the “courage to breakthrough” and take on new challenges without being bound by the traditional framework of banking, driven by the belief that change is necessary.

When a business idea that could become a new pillar of growth for the Group is recognized internally, the Group allocates budgets, personnel, and other resources, and appoints the proposer as the president of a subsidiary or the person responsible for the business. This effort will be further accelerated to promote the creation of digital businesses, diversify employee careers, and encourage new challenges.

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