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- Memorandum of Understanding signed to expand collaboration, starting with submarine communications cables connecting Japan and Asia.
Sumitomo Corporation and SMFL Mirai Partners Co., Ltd, a strategic subsidiary of Sumitomo Mitsui Finance and Leasing Company, Limited, are pleased to announce that they have concluded a Memorandum of Understanding (MOU) to strengthen collaboration in the field of digital infrastructure.
As the first step in this collaboration, the two companies will promote a project to construct and operate the I-AM Cable (Intra-Asia Marine Cable), a large-scale submarine communications cable connecting Japan with Malaysia and Singapore (hereinafter referred to as "the Project"). With a total project cost expected to be around 150 billion yen, this will be a core project supporting Asia's digital infrastructure.
Establishment of new business company to operate submarine communications cable connecting Japan and Asia.
With the advancement of digitalization and AI, the importance of digital infrastructure, such as submarine communication cables, which handle approximately 99 percent of international data communications, is increasing. Starting with this project, the two companies will consider joint participation in submarine communication cable businesses in other regions. They will also pursue a wide range of collaborative opportunities in the digital network infrastructure field, including submarine communication cables.
Sumitomo Corporation has cultivated expertise through its involvement in the development and operation of various infrastructure projects, including telecommunications, around the world. Furthermore, through its planned acquisition of SCSK as a wholly owned subsidiary, the company is working to transform society and industry through digital technology and AI in all fields. Leveraging its extensive track record and expertise, the company will further strengthen its business development in the digital infrastructure field.
The SMFL Group has strengthened its efforts in the infrastructure sector by providing a wide range of financial services, including loans and equity for data centers. By collaborating with partners, we will capture societal changes such as the shift to cloud computing and the spread of AI, and contribute to the realization of a sustainable society from both financial and business perspectives.
Sumitomo Corporation and the SMFL Group have positioned the digital field as one of their focus areas, aiming to create revenue opportunities and transform existing businesses. Utilizing the extensive customer bases and networks of both companies, the two companies will promote collaboration in the digital infrastructure field.
Note: This story has not been edited by The Polymerupdate Editorial team and is auto-generated from a syndicated feed.
