The Russian Direct Investment Fund (RDIF) and the Russo-Japanese Investment Fund (RJIF) have agreed to jointly invest $13.5m in a fast-growing international asset called SBI Bank, Firrma.ru reported.

RJIF is co-owned by RDIF, Japan Bank for International Cooperation, and JBIC IG Partners.

The 100% owner of SBI Bank is Japan’s SBI Holdings that focuses on financial and insurance services, and on investment in FinTech solutions. Since 2017 the bank has been zeroing in on high technology solutions for Russian corporate and retail clients.

Over the past three years SBI Bank is reported to have tripled its assets through SME lending, become a player in the market for electronic banking guarantees in government procurement procedures, and also offered individual customers what the bank claims is a “unique” solution for family wealth management.