On January 31st, excluding Shinsei, we already announced the financial results for SBI Holdings. This time, Shinsei is partially consolidated. Partially, by that I mean that balance sheet is consolidated, but in terms of PL, Shinsei is not included. Now I would like to begin. There is a negative goodwill, and the gain on negative goodwill is included. I would like to start. As I mentioned just now, as of the end of December 2021, Shinsei Bank's balance sheet is now consolidated. As for profit and loss, Shinsei Bank becoming consolidated subsidiary resulted in gain on negative goodwill, which was included in PL. As for fiscal 2021, only January to March 2022 financial results from Shinsei Bank will be incorporated. On a full year basis, incorporation of Shinsei Bank's results in consolidated PL will begin next fiscal year.
On January 31st, we announced results before consolidating Shinsei Bank. Today, we are announcing results partially including Shinsei Bank in our consolidation. Balance sheet is included, and gains on negative goodwill is also included. On a full year basis, March 16 is the deadline for filing the results of the third quarter. For the term ending March 2022, as I mentioned earlier, Shinsei Bank's results are partially consolidated. Since Shinsei Bank is reporting under JGAAP and since we are reporting under IFRS, adjustments were necessary, and it took time. As for major adjustments, valuation of assets and liabilities were carried out at fair value, and this is a provisional treatment, but close to final treatment. There were also adjustments for differences between JGAAP and IFRS. Main items are as shown here. There were two main adjustments.
As a result, under IFRS, after IFRS adjustment, Shinsei Bank's balance sheet is JPY 10.2 trillion, JPY 10.286 trillion, and liabilities and net assets are as shown here. Liabilities is JPY 9,300.4 billion. In comparison to the end of January 31st, assets increased JPY 215.3 billion. As for assets and liabilities, total asset is JPY 175,592. Assets have substantially increased. As for liabilities, total liabilities is JPY 17.5 trillion. In case of banks, there are bonds and borrowings which account for a large portion, and they account for a large weight. On the other hand, this item, customer deposit, is also very large, and SBI 1,163.3 is the amount for customer deposits for banking business under SBI.
As for impact on PL, how much was the negative goodwill? As I mentioned earlier, JPY 982.8 billion was the net asset, and 47% of equity in SBI is multiplied, and that results in JPY 469.4 billion. Out of JPY 469.4 billion, how much is negative goodwill? The invested amount from SBI is JPY 199.2 billion. Subtracting JPY 199.2 billion will be the negative goodwill amount. Furthermore, this, JPY 270.2 Billion is the amount for negative goodwill. IFRS allowance has to be provisioned for performing loans under IFRS basis. This is allowance for credit losses of JPY 68.2 billion. After adjusting for this, JPY 202 billion is the actual goodwill.
In terms of P&L, basically, this, JPY 202 billion is included. This is the number I explained on the previous page. Otherwise, results from Shinsei are not incorporated in P&L. Including those numbers, overall performance is shown on this page. In every respect, we achieved record high. Even before consolidating Shinsei, all of the numbers were record high, and naturally, after consolidating Shinsei, the numbers are record high. Profit before income tax expense, profit for the period. In terms of percentage, we are seeing a very substantial growth. By business segment, on January 31st, on previous occasion, I have discussed results from these, business segments. There has not been much change. This is the performance comparison with major securities group. Ranking is shown. In terms of net operating revenue, we are behind Nomura Holdings in the third quarter.
Ordinary income and net income, because of the gains from the negative goodwill, we have a substantial gap between SBI and Nomura being behind. These are the cumulative number up to the third quarter with the full consolidation. Net operating revenue should increase more. This is three quarters ago, and every year, about JPY 50 billion of profit was posted. We expect a similar profit going forward. This is performance by segment, and basically all segments are reporting record high performance o r in case of biotechnology, loss was substantially reduced. As new SBI Group, we are to achieve dramatic growth together with Shinsei Group as new SBI Group by thoroughly pursuing synergies with Shinsei Bank Group.
Already, on the 1st January, Mr. Kawashima, the then vice president of SBI Holdings, and Mr. Hatao, the then executive officer of SBI Holdings, became advisors to Shinsei Bank. Since then, handover already started on February 8th . At the extraordinary shareholders meeting, directors' elections were approved, and as Chairman, Mr. Gomi was appointed, and Mr. Kawashima was appointed President and Representative Director, and Mr. Hatao was appointed Senior Managing Executive Officer.
As for Shinsei Bank, we have been conducting a thorough analysis, and this has not been completed yet. Roughly speaking, in various aspects, we see significant room for improvement. With improvement, we believe that there is expected a large improvement or enhancement in profitability. That is my impression thus far. These are the five factors stated in the Art of War by Sun Tzu, the famous five factors. The first, the moral law. The second, heaven. The third, earth. Fourth, the commander. The fifth, method and discipline. When the leader, the first factor, the moral law, is most important as the leader goes into battles.
The wise man or the leader gives careful consideration to the ideal image, and if he can present it in a precise image, the top and bottom will be unified, and everyone will be unified together under the moral cause. My impression is that this was not the case at Shinsei Bank. Some companies may go bankrupt and may be purchased. Tim Collins' Ripplewood purchased Shinsei Bank. Mr. Yashiro, formerly with Citi, became the top of Shinsei. Who took over after that? It was another non-Japanese person, Thierry Porté from Morgan Stanley. As shareholders, there was a change from Tim Collins to Chris Flowers.
Effectively, Chris Flowers was the majority shareholder. Mr. Toma took over. Mr. Kudo took over. There has been a series of change in the top management at Shinsei Bank. Was there a unified vision? Was there a constant, consistent philosophy and vision? It seems to me that there was a lack of such constant vision. For example, in our group, after I founded the group, up to today, under a constant, consistent philosophy and vision, the group has been managed. This results in unified spirit from the top to bottom. Under a moral cause, people are unified to achieve results. That is the best organization. However, unfortunately, when it comes to unifying people's spirit under a vision, it seems that that was not the case at Shinsei Bank.
It may have been the result of a series of change at the top management at Shinsei Bank. The importance of the vision is preached not only in the Eastern philosophy. The father of management, Peter Drucker, said that for a company, establishing values, missions, and vision are most important. Other functions basically can be outsourced. Mission, values, mission, and vision, these three things cannot be outsourced. I believe the lack of values, mission, and vision might have been the most serious problem at Shinsei. Now, as one group, what we have cultivated over the years in terms of universal values in building businesses will have to be shared by Shinsei Bank to realize what we desire to achieve.
Because of that, since the name represents the substance, we are planning to change the name of the company at Shinsei Bank to be proposed at the upcoming annual general shareholders meeting. As a majority shareholder, we will be requesting name change. A name change for a company requires special resolution at the AGM and approval from the authority. At least as a shareholder, I would like to make a declaration that we will be asking for a name change of Shinsei Bank. If there is an opposition to this, reasons for opposing should be clarified. That is because the name is very important, and new wine should be put in a new wine bag. For new wine, it is important that it be put in a new wine bag.
To change awareness, I believe it is necessary to change the name of the company at Shinsei Bank. The other day, for the first time, I met with the executives of Shinsei Bank, or including executives, I met with more than 1,000 employees of Shinsei Bank remotely to describe my philosophy of management and part of what I discussed today earlier. As a group as one, synergy will be thoroughly pursued. Our group is about realizing synergy within our group. When we acquire a new company, the key is how to generate synergy between the existing part of the business and acquired new business. That is always how we developed our business. Therefore, it is essential that we thoroughly pursue synergy. We have to maximize synergy effect.
By doing so, we will be able to realize repayment of JPY 350 billion of public funds from Shinsei Bank based on the moral law of this TOB. With the people of Shinsei Bank, I would like to share these universal basic values of business construction. I'm fully convinced that these are universal views. What are listed here are quite commonsensical and globally universal. For example, basic view one, adhere to the customer-centric principle. In 1999, when we started our business, we felt that we have to start by being customer-centric principle. We have always advocated customer-centric principle. At one time, it might seem that there were temporary losses, but public interest ultimately leads to private interest. Basic view two, forming a corporate ecosystem and exhaustive pursuit of group synergies.
In this day and age of IT and internet, the concept of corporate ecosystem is more important. There's, I was reading books on various complex sciences, and I became even more convinced of this. Basic view three, thorough devotion to innovative technology. Technology will be the most important key to bringing about change. For example, if we did not have vaccines today, how many casualties would humanity have suffered? That is the fact. Messenger RNA was developed and used in vaccines. Such a very sophisticated medicine was realized, and many things can be overcome. This applies to anything. Basic view four, formulate and implement strategies that anticipate the near future. Coming back to basic view one, what does it mean to adhere to the customer-centric principle? Services with lower fees and more favorable interest rates. Services offered in easy to compare fashion at a glance.
There are so many financial products, and how can customers select product? Comparison is the only way. Services with transparent customer costs. If cost is not transparent, that is not good. Safe and reliable services, et cetera. Seen from customers' perspective, we are offering services, and we have to thoroughly pursue such customer-oriented services. That is why at SBI Securities, what we call basis has been brought down to the minimum possible range. Basis is brokerage commission divided by brokerage trading value. As a result, we are able to gain absolute confidence from customers. We are able to gain evaluation that SBI is number one, and we were able to achieve by far a very large market share, 43.7%. Customer satisfaction results in these results, these achievements.
However, looking at retail account number, amount of deposit and ATM fees of Shinsei Bank, retail account number is stagnating, and retail bank account balance from March 2017 to March 2021, CAGR is 0.06%, which means that this was basically flat. Why is that? Shinsei Bank's ATM fees have been revised, and this has been deteriorating. No wonder why accounts or balances are not increasing. This is a style that we abhor. We have to change this. We have to apply customer-centric principle thoroughly. In the securities business, we and Shinsei Bank will be cooperating in intermediary business of financial instruments or bank agency business, APLUS card accumulation, point investment, granting, sweep, account linkage, et cetera. There are also other services. Simultaneous account opening, other business collaborations such as structured bonds and iDeCo. This is all based on our principle of customer-centric principle.
I spoke with Mr. Kudo before and asked why Shinsei chose Monex rather than SBI. Economic reasonableness, the lowest cost were cited as reasons. That is not how we choose. We always think about what is the best for customers. SBI Securities is to become a bank agent and will collaborate in a similar fashion with Shinsei Bank. We will have such deposit mechanism to increase customer base and deposit volume. We will also acquire new credit card users and enhance settlement amount through credit card periodic investment trust savings service, which is popular among retail investors. We will pursue this thoroughly. When we look at investment trust savings services at SBI Securities, it is growing by leaps and bounds, especially after our partnership with Sumitomo Mitsui Trust Cards. We are seeing steep acceleration.
For SBI Money Plaza, there will be co-managed shops in collaboration with Shinsei Bank. We have regional bank institutions with whom we have business and economic alliances. The red letters indicate we have strategic capital and business alliance partnership. 14 banks are managing 22 shops jointly. We have capital alliance with eight banks. It means that six banks are joining to do something different from before. As for revenue, in 2017, when we began the co-managed shops, when that year is one, in the term ending March 2022, it is now JPY 244.3. In the term ending March 2021, JPY 310.6. In the nine months of fiscal 2021, it is JPY 244.3.
We are acquiring customer service know-how and competitive solutions, and we are establishing business opportunities focusing on high net worth customers. When we do one thing, that is not the end of the story. Starting investment trust business, that is not the end of the story. For high net worth customers, what products should we offer? Always, we have to think about expanding businesses and diversifying products. In doing so, we can expand business. Lending opportunities will be increased to enhance revenue. We already have many customers. Security company has 8 million accounts, and together with Shinsei Bank, we have more than 40 million accounts. Excluding Shinsei Bank, we already have more than 30 million customers.
To these customers- There's different lending loan opportunities that can be offered, and we can increase opportunities. We have many customers. We have a very large base of customers, and this has a strong significance. To our customers, we are able to offer appropriate products in the way that is most needed by customers at a time most needed by customers. We have to be a company that is able to deliver in such a way. SBI Securities, SBI Money Plaza, SBI Leasing Services put these together. Total assets under management is more than JPY 1 trillion, or we have 17,738 customers who have more than JPY 100 million deposited within our group. The private business, how can we offer business to these customers? Inheritance, business succession related businesses will also be showing promising demands going forward.
Basic view to form a corporate ecosystem in exhaustive pursuit of group synergy. A corporate ecosystem is an economic community based on the interaction of organizations and individuals. This is my definition of corporate ecosystem. In a corporate ecosystem, company is not just a member of one industry, but rather it belongs to diverse industries. This relationship activates synergies and stimulates mutual growth. This is the definition of corporate ecosystem written in words. Focusing only on securities business, focusing on single economic entity, that is no longer viable. We have a banking business, securities business, a very broad-ranging business, and there is no way a company that is focused on single economic entity is able to compete effectively against a group such as ours. With the variety of members connected in the corporate ecosystem, we will be able to mutually evolve.
For example, if I can list an example of synergies, our core business is securities, banking, and insurance businesses. If that's the case, between the core businesses, there is synergy that we can enjoy. Furthermore, within each of the core businesses, we have to make sure there is synergy as well. Then that way, core businesses themselves will become more strengthened. Between different businesses, for example, asset management or securities business, those core businesses, there should be some synergies that we can pursue. We are pursuing synergy within our group currently. The Shinsei Bank just has to pursue synergies with this, but there are others that you can pursue. APLUS or Lake can be changed, and you just leave the management to those entities.
Within the bank itself and APLUS, how you can make sure that there is synergy enjoyed there. Between Lake and APLUS, how you can make sure that there will be synergy produced. None of those were considered at all. We will give thorough thoughts to that. Within the Shinsei Bank Group, there should be synergies between different businesses, and also synergies between the Shinsei and our business should be pursued as well. That way, with the management resources of Shinsei that we have obtained this time, there has been complementary part between the different businesses, and you can actually organically couple them and then make more competitive and more scaled comprehensive financial business group that you can establish.
Between our SBI Group and Shinsei Bank Group, you can actually achieve synergies in the following areas, and the efforts have been started as well. Those include market investment businesses. For example, the investment return of Shinsei Bank has been quite low. Why? Because risk-taking was quite minimal, especially after the global financial crisis, they suffered a lot. They don't want to repeat the same mistake, and they have been avoiding the risk for quite some time. Equity holding is quite low, and they are not taking the risk that therefore, investment yield is 0.56%. Within three years, there will be redemptions of bonds with high yields within the next three years, like shown here. With the redemption of these bonds, then investment yield will further deteriorate.
Investment yield of Shinsei, as compared to the regional bank's average, as you can see, this risk allocation is quite low, 2.2% only, as opposed to 3%, the average for regional banks. They have been suppressing risks quite a lot. Risk-taking, I'm not recommending risk-taking per se, but you have to be rational. Within the range that you can take reasonably, you have to take risks within that range. Those who are in the financial businesses, if you are not taking any risks at all, and then you sell the products and recommend the products with the risk that is taken by customers, then that would be quite stupid and that is quite a farce. Now, the collaboration in market sales and treasury, especially on Forex business.
On our part, the Forex trading. In Forex trading, we have a quite competitive spread, and we have been able to offer the foreign exchange opportunities. Because SBI Liquidity Market has quite a variety of liquidity. In 2020, the Forex trade value will exceed JPY 10 trillion - $10 trillion. 31 major financial institutions in Europe, U.S., and Japan are the counterparties. I don't know who are the counterparties in for Shinsei, but there is going to be much higher rate that you can enjoy with us. Overseas business. Of course, Shinsei Bank has been quite active in overseas. To us, what has been quite valuable was Shinsei International Limited located in London.
After Brexit, which locations that you have to choose in Europe, that's what we have been giving quite a thoughts to. There is certain amount of licenses that they hold. You have you will be able to establish global offering system. I think that would be the least cost method. In any case, London is has a city even though the presence is not as high as it used to be. SBI Group and Shinsei Bank Group are actively pursuing domestic and overseas M&As in the non-banking sector in close collaboration with each other. What can be quite highly appreciated as a merger and acquisition is UDC Finance Limited in New Zealand, Auckland, New Zealand. They acquired this company.
This is the largest non-bank in New Zealand with a higher profitability. These are the kind of companies that we have to acquire. With the interest spread being so low, you can actually enjoy more yield in non-bank. Non-bank area is one of the targets for us. We have been also considering thoughts to this area. This part of Shinsei Bank Group has been highly rated. For our regional revitalization strategy, there is some linkage from there. As a comprehensive financial company, in order to enhance profitability, this would be a positive factor. That's what we thought. You can actually utilize network of SBI to enhance business infrastructure of Shinsei Bank.
We have established a very high quality network, and this can be utilized by Shinsei Bank as much as possible. In Russia, there is SBI Bank with full license. A commercial bank in Russia is what we have. This is a very small bank, so it has not been affected by the situation that we are seeing currently. It's very minor impact that we have seen. Other than that, there are some investments that we had made, but they were quite minimal, not much, very little impact. In Southeast Asia, we have been making investments in Vietnam or Cambodia. In those areas, the business is growing. Of course, SBI Savings Bank has renewed the record high profits every year.
This is the second-largest profitable company within the group, following SBI Securities. In the non-bank areas included, in Southeast Asia, we have been making a lot of achievements. For Shinsei, for example, they can invest in major companies overseas with the referral from SBI Group, or there could be some various types of loans that they can extend. This is to expand Shinsei Bank Services business base in Switzerland or Germany or Israel or India, Malaysia, Indonesia, Taiwan. In various countries and regions, there has been information network established, and you can capture the profitability opportunities vividly, and we have been able to travel around from one place to another.
As for group management, with the integration with the Shinsei, if we can save costs, then we have to do this as much as possible. For example, in the general affairs department, and also the professional sophisticated talent aside, for a general talent personnel, both companies or groups can establish the HR-related companies, and as we can take advantage of SBI Graduate School. There are various things that we can pursue together. The professional talent can be developed and selected and hired and developed by each of the businesses, as they see the most appropriate. Legal compliance system and risk management system, if there are any things that we can share, then we will have to do so.
Yeah, for us, there are many lawyers available, corporate lawyers available, and also compliance management system has been established. Both are financial institutions, so we have been giving priority to those areas, of course. If we can work together, then we have to do so, and the same goes for risk management system. As for accounting and finance, especially, as soon as possible, you have to make sure that they will be familiarized with the IFRS so that they can respond immediately. The integrity of the group has to be established in this area, and the same goes for IT and system. If there are systems that can be shared, you can co-develop the system or share the system so that we can reduce the cost of the systems.
The third view, the thorough devotion to innovative technologies. We have been making investments in the promising startup companies with the quality technologies. Also, if we can introduce those technologies, then we have been doing so that technologies would diffuse within the industry. The technology, if we diffuse the technologies that we have invested in, then we can also enhance the investment target companies. This has been the basic strategy for us so far. Through the investment funds, since inception, we have made investment in 1,053 companies, of which 180 companies or 17.1% have already exited through IPO or MNAs. 17.1% is a fairly good number.
We are at the forefront of the financial technologies, and we have been gathering those financial technologies at the forefront with JPY 30 billion. The FinTech Fund was established in December 2015, and the regional banks that have invested in those funds count 29. Also, SBI AI & Blockchain Fund, as we call it, was established in January 2018 with JPY 60 billion, and the first 56 regional banks have made investments in this fund. With both funds, together with the co-investments from SBI Holdings, JPY 127 billion has been invested in together. You can see the tangible results out of these investments, as you can see.
Also, JPY 100 billion, which is the largest in Japan, is the fund of SBI 4+5 Fund that has been established. This is targeted at Society 5.0 and Industry 4.0, various companies in these areas, and Metaverse and Web 3.0. The areas that match the trend of the times are targeted, and more than 550 regional financial institutions have been participating, including the institutional investors, leading financial institutions, and leading operating companies. More than 200 such companies have become the investors, and these are the companies that have made investments, and those that are circled in red have been already going public.
SBI Group and Shinsei Bank Group will mutually collaborate on investment opportunities, promote network expansion, and strengthen full hands-on venture company support system. Investment information will be shared as much as possible so that both can co-invest in promising companies. One of us, if one of us cannot afford to make investments, then the other can, so that we can make sure that there will be no case where none of us will invest in promising companies. Shinsei is not just targeted at venture company investment, but they have been doing quite a lot in buyouts and real estate businesses. As for the sharing of business expenses, debt financing is going to become more important in the future.
Government guarantee will expire in three years, so what has been done in pandemic could go bust. We can take advantage of debt financing, and this can be done by Shinsei as well because they are quite strong in project financing. The Keystone Partners that we have made have one-third stake in has a wide variety of experiences in those areas. What Shinsei has not been so active is the digital space business. They have been doing very little in this business, but I really hope that Shinsei, in this digital space business, will be more active in various ways, especially digital asset banking is something that I hope they can work together with us in. This is the digital asset banking, the new business format model.
The Sygnum Bank in Switzerland is an example. This is the kind of things that we would like to establish in the future. We have made investments in Sygnum as well. In various parts of this business, we are continuing to do a lot of different businesses, and we are now gathering insights. Now, when you say Fintech, it represents financial technologies, but we have to go beyond that. There will be more accelerated digitalization in all areas of society, and various businesses will materialize in this area. The age of Web 3.0 will get started. Fintech 2.0 is about digital financial ecosystem, but from there, we will transition to Web 3.0.
Finance will be the core, but we have to become the business formats that will transcend the finance, as a digital space ecosystem, in other words, is something that we would like to create together with Shinsei Bank. Now, in various areas, we are hoping to build next-generation platforms, and we have been already taking specific actions. For example, STO. In STO, we are hoping to provide integrated issuance, distribution, and custody functions, a security token offering, in other words. In the Metaverse, in NFT market, SBINFT, which is a marketplace business, has been already taken up. In the SBI Art Auction in digital technologies, has been making presence.
In Metaverse, in the past, there used to be what was called Second Life, which has attracted popularity at one time. Back then, AR or VR was not grown enough, and what was fatal was that the blockchain was not introduced in this virtual space. Now, in the virtual space, crypto assets have been making inroads, and we can anticipate at least that kind of era will come. There is a company that has changed its name to Meta even, a major company in the U.S. You have to get ahead of the curve, and so they have changed this familiar name to Meta. U.S. companies have something different in that sense.
I believe especially those companies that have made a leapfrog growth is different in nature. CBDC or Central Bank Digital Currency in the Beijing Olympics in China, they made some attempts, but they were not that successful because it was not that used. In this area, we have a connection with R3 in the U.S. or joint venture in Japan through those entities or SBI Financial and Economic Research Institute. Through those entities, we are hoping to make contributions to establishing the system. As for STOs in equity or bonds or asset-backed or real estate-backed STOs, issuance has been experimented. For us, in order to create the secondary distribution market, we have been taking actions to produce PTS.
Fortunately, SMBC and Nomura are also participating in market, in market makers. Major entities in the world are now participating and, as they say. ST Research Consortium has been established by Mitsubishi UFJ Trust and Banking Corporation, and the proposal on digital securities PTS is going to be made. We have been using Progmat, and what we are doing with Nomura can be used as well. We'll be agile and flexible. If there is something else that is more promising, then we have to make sure that that can be used as well. SBI Financial and Economic Research Institute has been started up gradually, and the high-quality researchers are hired in this institute.
Now, basic view four, formulate and implement strategies that anticipate the near future. We have overall strategies and individual strategies in SBI Group. We have always had these strategies. For the overall strategies, mainly, well, I'm looking at social issues and national goals, and I am coming up with a group-wide effort that was keeping an eye on the changing times, and make decisions on the overall strategies. Based on that, each subsidiary will come up with individual strategies so that they can be aligned in the same direction. In Shinsei Bank, through the implementing the specific individual strategies, I hope that it will strive to achieve sustainable growth.
The Group's individual strategies of the business units can be established based on the overall strategies, and it will create efficient synergies and strengthen the sense of unity among them. You will proactively contribute to regional revitalization through value co-creation with major economic entities and local communities. It has been pursued since more than three years ago, and each business unit has been coming up with individual strategies and implementing them. Shinsei Bank can utilize their resources so that they can endeavor towards expanding the profitability of regional financial institutions. Well, then, what sort of businesses will be helpful for improving the profitability of regional financial institutions? I have given five examples. First of all is credit guarantee business. Even up until now, Shinsei Bank has done this business.
We want to expand this more. In order to do that, there are various things that could be very useful. We want to, first of all, build a regional financial institution support platform between SBI Group and Shinsei Bank. We will build this platform and offer these different services, financial products, and lending and investment opportunities. The two companies will offer it to regional financial institutions one after another. The return for that is the fees and commissions income. The regional financial institutions will then offer that to local companies, regional financial institutions, and local municipalities, and then they will also receive returns into fees and commissions. They benefit and we benefit. The three parties will all benefit together. It's the good for all three parties.
It so happens that there's been a lot of deregulation, and non-bank domain is now becoming a new revenue source for the regional financial institutions. This trend is coming. Powerful regional banks are now transforming into a holding company structure. This is the trend. There are some regional financial institutions who do not have much capability to do that. What do we do with them? Well, then we offer our platform for them to use. First is the credit guarantee business.
Shinsei Bank has Shinsei Financial, Alpha Servicer, Second Sight Analytica, this is an invested company. The guarantee can be offered on a full lineup basis. In fact, the balance is now JPY 226.8 billion in terms of guarantee balance. As you can see, there are 12 financial institutions where credit guarantee services are provided. If we're suggesting that expand this business furthermore. There are regional financial institutions which we have good relationship. We can refer Shinsei Bank to them, and they can expand the credit guarantee business. For unsecured loans, Lake ASA is actually performing well. They have a high growth rate. Again, we can refer our customers and our network to Shinsei Bank for them to leverage. Next is the neo bank platform called BANKIT.
This is a very good platform that was built by APLUS. At quite an early stage, I heard that they built this mechanism. Like I said earlier, BANKIT run by APLUS behind it, they do not have any banking entity in it. This itself alone is not sufficient. This is just offering a banking app. That is why they are not able to increase the number of users, and that's what was happening with APLUS. Now, SBI Group is offering different banking apps to regional banks. If we can build it into our system, then we will maybe have more users. This is a BaaS model, Banking-as-a-Service model, and BANKIT can become a hub for the regional financial institutions.
APLUS has created a very nice service at a very early stage. Shinsei Bank really needed to be behind it and generate more synergies. Had they done that, maybe BANKIT would've been different, but they were not able to do that. We think we can grow this business. Next is structured finance business. Shinsei Bank is known to be strong in structured finance business. They have done project financing and different types of structured finances. They have also done real estate-related securitization businesses or object finance. These are the areas of business they have engaged in. I think if you look at this breakdown, if you look at in terms of their balance of operating assets, they have most in real estate corporate loans, and then they have project finance next.
In Japan recently, we have seen solar energy or wind power, so green project financing. Overseas, there's public-private partnerships, so these are infrastructure project financing. PPP for short. They have a substantial percentage here, a third, 34%. In any case, they have non-recourse loans, and in different areas, they do have a substantial expertise in structured finance business. That is why they need to strengthen this more. They are strong already, so they need to even strengthen that furthermore. As they focus on the partnership with regional financial institutions for creating value together, Shinsei Bank can effectively utilize our network. We have been investing in green projects as well.
They can do project finance of those companies, or they can do syndicated loan for regional financial institutions, and they can become arrangers for providing different fundings or advisories, so they can offer different types of financial solutions. In renewable energy sector, we have a company called SBI Smart Energy. This is a farm-based solar power generation. Farm-based generation is a case where they install solar panels on top of the farmlands. If it's farming of beans, for example, they don't have to have the sunlight all day long. If they can, you can tilt the panels, and as long as there's sunlight from the tilted angle, the crops can still grow.
If the solar power generation can be done on those farms, then the farmers can also earn from power generation and selling electricity. WIND-SMILE , an investing company, they do a variety of power source development projects like solar power, small wind power. There's Eco Research Institute. This is a very interesting company. There's municipal waste, and they can create biomass fuel from municipal waste. They have a proprietary technology to do that. We are planning to establish a joint venture with Eco Research Institute, and we are considering business development in cooperation with local financial institutions and local municipalities. They are the ones that treat municipal waste, so with this new technology, they can develop this business. There's different ways of using this, even for the private companies as well. We will announce this more in recent days.
In renewable energy space, there's a substantial demand for financing, and we have opportunities just with these three examples. We believe that since its expertise can be fully utilized. It's not just about enhancing the earnings capability of regional financial institutions, but we are looking for things to really stimulate the community, the regional community. We are now collaborating with a company called Bonheurbari. This is an example from Awajishima Island. It was nothing. It was a completely vacant land. This is a restaurant that uses local producers and accommodation facilities with the participation of local company. With this development, we have been able to revitalize the entire region. This is the sort of the project that we could work with Shinsei Bank. This is for the revitalization of the region. Next is real estate.
Development of high-quality real estate. For example, non-recourse loans or structuring of real estate funds, private funds, private REITs, small lot securitization of individual investors or offering, you know, this sort of information to retail customers, you know, selling these real estate investment products by the SBI Group. This is another area of collaboration. This is lease business. Shinsei Bank has a subsidiary called Showa Leasing. I think they probably purchased about the same amount as the others during the days of Thierry Porté did. But we're not doing general leasing. ORIX is an area. This is a commercial area where ORIX has been longtime player. But leveraging the database of our corporate customers, we can, together with the regional financial institutions, refer clients to Showa Leasing.
Meanwhile, as for the high net worth customers of Showa Leasing, or for clients who are considering tax saving measures like the regional companies, they can offer lease, SBI Leasing Services, which we operate. We can cross-sell, we can introduce, refer customers to each other. The fifth point is supply chain finance business. This is targeting local SMEs, how to improve their cash flows, positions, and also improve the accuracy of data. By using blockchain technology, we can do supply chain financing. For example, taking into account the seller's credibility, this supply chain finance will support the early funding of seller companies by purchasing their accounts receivable. We can support the cash flow of SMEs by incorporating reverse factoring service into the supply chain.
We have built a joint venture with R3 in the United States to do this blockchain technology leverage business, so we can implement technology here. There's also a company called RootAnt in Singapore, which we invested in. And also there's a local subsidiary in Hong Kong. We together will develop joint business to launch SBI Banco platform. It's a supply chain finance platform that utilizes Corda's blockchain technology, and we will begin implementing this with domestic companies. These are the major topics after the announcement of financial results before the consolidation of Shinsei Bank. One is on the new partnership with TOKYU POINT and d POINT to expand its multi-point economy. This is looking at Rakuten's ecosystem.
They have been issuing Rakuten Points and continue to issue after another to expand this ecosystem. What's happening is that they're actually decreasing, deteriorating in operating profit ratio. Actually, this is ordinary profit ratio here, but the point here is increasing cost. It becomes difficult and difficult. It becomes a downward pressure on the profit. We do not take those methodologies at Rakuten. Their profitability is deteriorating. If you look at the major changes in the redemption rules or the points, you can see it's been frequently revised. You can see customers are turning. Currently, Rakuten Securities has a one-month waiting list. Normally, it should be one week, but there's one month waiting list to process transfer of mutual funds to other security companies. There are many clients, customers, who are transferring to SBI Holdings.
Why is that? Because I think Rakuten Securities changes in point award system is perceived to be a negative change by the companies. Rakuten's parent entity, they're really falling apart because of the telecom business, and they're generating a large amount of losses. Now, maybe if this business was strong and solid, maybe they would have been able to support Rakuten's point award system, but they are not able to do so. In light of that, you see this transfer of the investment trust. We will not go with that methodologies. We will not do the self-containing point eco-system. We actually abolished SBI Point, our in-house point system, and we are now collaborating with T-Point, V-Point, Ponta Point, newly TOKYU POINT and d POINT. Through partnerships, we will develop and expand multi-point ecosystem because that is more strategically more competitive.
I have been saying maybe a year and a half or so that open alliance is our main strategy. It's not just partnering one party or one partner exclusively. We want to be open. If they have a very competitive edge and sales network or a channel, then we will widely collaborate with those partners. Our multi-point ecosystem is becoming quite large. I wouldn't mind having Rakuten Point join our league. In fact, I welcome them. Because like I've been saying from before, it should be customer's choice. Our job is to give as many options as possible to customers because that would be most beneficial for them.
Now, Sumishin, SBI Sumishin Net Bank, we have decided to have them go public, and the listing is scheduled for March 24, 2022, and we will be able to accelerate the rollout of neobank. They will become an equity method affiliate of SBI Group. Our holding will become about 27.86%, so this is just the plan, but down from 50% - 27.86%. They will select to be listed in Prime Market. Now, VIO business. This has really been dragging our performance for a long time, but this is now over. We have now began considering liquidation, and we have finished selling all our shares. This has been completed. That is all from me. That is the end of my presentation, and I would like to invite questions from the floor.