GMO Click Holdings set to change name to GMO Financial Holdings
If accepted by shareholders, the change to the name will become effective on October 1, 2017.
GMO Click Holdings Inc (TYO:7177), the parent of Japanese Forex broker GMO Click Securities, is seeking to change its name to reflect the business focus on next-generation financial services.
GMO Click Holdings is set to become GMO Financial Holdings, if the proposal is approved at the meeting of shareholders scheduled for June 25, 2017. Pending an eventual approval, the name change will become effective as of October 1, 2017.
Explaining the rationale for the change, GMO Click said that over the past year it has been working in areas outside of its conventional business. This new endeavors include the development and launch of GMO – Z.com Coin Co., Ltd., the virtual currency business powered by GMO Click.
GMO Click notes that currently, the business focus is on next-generation financial services based on the use of new technologies. The company plans to expand in this segment and this is reflected in the proposed name change.
Indeed, Japanese financial services companies have demonstrated a remarkable push into the use of next-generation technologies, artificial intelligence in particular. In April this year, Japanese online trading company Monex Inc, a subsidiary of Monex Group, Inc. (TYO:8698), said it would deliver a new market analysis report, based on the work of an AI program. Online brokerage Kabu.com Securities, a subsidiary of Mitsubishi UFJ Financial Group Inc (TYO:8306), has also joined the ranks of AI supporters and has teamed up with US fintech startup AlpacaDB Inc to launch an AI-based solution for trading stocks.
Last week, SMBC Nikko Securities, a subsidiary of Sumitomo Mitsui Financial Group, Inc. (TYO:8316), announced a partnership with NTT Communications Corporation to jointly develop an automated chat service using AI. The AI Chatbot is set to overtake customer support roles, which reiterates the problem of robots replacing human staff.
How far GMO Click Holdings (or GMO Financial Holdings) will go into the world of next-generation financial services has yet to be seen.