Nomura is buying a majority stake in a fintech firm 8 Securities, the Tokyo-based investment bank said in a media statement. The bank will splash out JPY1.7 billion ($16 million) in total for two stakes – one majority and one minority in two separate entities of the fintech.

The move represents a boon for 8 Securities, a robo adviser for exchange-traded funds. The fintech launched its «Chloe» service nearly two years ago. 

Nomura said it wants to leverage the fintech to sell robo adviser products to its clients, and to other financial firms – an unconventional move which underscores the promise the bank seems in 8 Securities. 

Autumn Launch

Nomura said it will also pursue strategic collaboration with 8 Group in other fintech areas in Asia. Nomura said it sees the cooperation as part of a shift in Japan from savings to building assets.

«Nomura Asset Management and 8 Securities will work together to develop the necessary app with the aim of launching the product from this fall,» the Japanese bank said in a statement. 

The move comes as banks try frantically to purchase fintech expertise in Asia. Most recently, Credit Suisse bought a 10 percent stake in Canopy, a Singaporean data aggregation platform for the wealthy.