Softbank Finance Corp., a Softbank Corp. subsidiary, said Friday it has agreed with its business allies in the United States and South Korea to set up an investment consulting company, Morningstar Korea Ltd., in South Korea in July.
The two allies -- Morningstar Corp. of the United States and Shinheung Securities Co. of South Korea -- will each put up 40 percent to capitalize the new venture, with the Softbank unit to cover the remaining 20 percent, according to Softbank Finance, a holding company which has Softbank's financial units under its wing.
The three will arrange for Morningstar Korea to provide investors with information on the creditworthiness of mutual funds and other data related to investments in mutual funds.
In a related move, Softbank Finance announced that it will have its Seoul-based wholly owned subsidiary, SB Finance Korea, invest 5 billion yen to help South Korean Internet startups.
Softbank Finance said it has termed the investment project the "Net Trans Project," partly because it is designed to transform companies that have engaged in non-Internet businesses into online companies.
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