Please allow me to stay seated and take off my mask when I speak. Here in this venue, about 20 people are present, and a total of about 100 people are participating at this session on the internet. Thank you very much for your continuous support. Now, without further ado, let me walk you through the results of the first quarter. We have 166 pages. It will be the longest presentation and I'd like to go as fast as I can. The first quarter FY 2021 consolidated financial results and the feasibility of the new medium-term vision based on it. On April 28th, we announced the three to five years new midterm vision of the group. During these three years and five years that we would like to achieve JPY 300 billion as consolidated pre-tax profit.
We are going to set up the new businesses in such a way that will contribute to about 20% of consolidated pre-tax profit, n ew business, meaning the business utilizing the new technology such as digital assets and blockchain, and any business which joined the group through M&A since April 2018. In addition to the organic growth, we will conduct M&As, and with ROE maintaining 10% level, and t hat's the message in April. We are committed to achieving this goal. Now we are enjoying the Olympic Games, and they have strong commitment to get a medal, the gold medal. I have a strong will to achieve this goal, to challenge this goal. In that context, the first quarter of FY 2021 r evenue, JPY 137,474 million, or up 23.7%, p re-tax profit, the JPY 33,029 million, up 19%, p rofit for the period JPY 33,106 million, or up 63.3%.
Profit attributable to owners of the company, JPY 28,958 million, or up 77.8%. According to the calculation, the analyzed ROE based on first quarter is 19%. Setting aside the outline, let us go through this page. This is the comparison with the major face-to-face securities companies. SBI Holdings up 19%, Daiwa Securities with JPY 35,176 million or 45.5%. Probably as to the net profit, we had overcome Daiwa. SMBC Nikko Securities, the numbers are here, and Nomura is going to announce tomorrow. In the case of Nomura, because of the Archegos did investment earlier, which has been offset by the sale on the stocks. That will also be reflected in their results. What is the purpose of the trading? Well, each entity has done what they have to do, and this is the result.
By segment, financial services business, both revenue and the pre-tax profit were record high. Asset management business, for the revenue, record high. For the pre-tax profit, JPY 15,712 million or up 31%. This here, I'm going to talk about details. The Shinsei Bank's shares, about 20% stake, a little bit less than 20%, and their price went down and we incurred some losses, and i t is JPY 14.2 billion, so t hat will be added. Well, without that JPY 14.2 billion loss, the number would be much better. Biotechnology, healthcare, and medical informatics business, the deficit has been reducing and the revenue is now record high. As to the new midterm vision, and if we achieve it on the third year, the CAGR, that should be 28.8% for the first quarter, and i f it's achieved on the fifth year, then it will be 16.4%.
When we look at the actual number for the first quarter, it went up by 19%. That is the CAGR for the first quarter, so exceeding the number for the fifth year's assumed number. As to the second quarter, 2021, the asset management business has stocks that are expected to record valuation gains in FVTPL. That's possibly surpassing the first quarter results significantly. We are already seeing it in July. Probably, we are going to achieve better results than those of the first quarter in the second quarter. The new mid-term vision, so t he full- year for FY 2021, the CAGR of 16.4% to 28.8% on the full- year, that will be exceeded unless something unexpected happens.
For one thing, the pandemic situation, t he Prime Minister is saying that the inoculation can be achieved by the end of November, and 60% to 70% of the Japanese people will be inoculated. At least, the people will not be seriously ill. Rather than looking at the number of infected people, we need to look more carefully the people to be seriously ill, or the number of deaths, rather than driving people to be afraid of the pandemic. That will only slow down the economy so w e should be engaged more in economic activities. We think that the market will not be so bad, especially compared to Western markets. The Japanese market is behind the Western markets because of the delay in vaccination. The Japanese economy can make a good recovery later on.
As to asset management business, second quarter and beyond, more IPOs of invested stocks are scheduled, namely FinTech Fund and NB Fund, will be IPO'd. We will go into the period of recovery of investment so I'm looking forward to it. As to Quark, which has been in the red, that will be the sold-off. We will not incur losses from Quark Pharmaceuticals. That said, as to the other part of the biotechnology, healthcare, and medical informatics business, we will have more positive news. Also, as to future M&As, we are reviewing some potential targets of these activities. Future M&A strategy is expected to secure new revenue sources as well. We have this very positive view for the Fiscal Year 2021. As I mentioned earlier, compared to New York Dow or Nasdaq, Nikkei average, it's so slow, not rising so much.
In the PER basis, as of June 30, 2021, Nikkei average and the PER, as you can see, 25.53 and 19.83, while the U.S., Nasdaq, and the FTSE 100, compared to these other markets, the Japanese market is undervalued, and t his is only because of the delayed vaccination, we believe. Now on the change, a s to the individual brokerage trading value, the April, June is not so good. The January and March was good, but there's some decline in the April to June, but not so different from one year ago. As to amount of over-the-counter FX trading, as you can see, compared to one year ago, some decline maybe. This is the environment of April to June, and once things turn around better way, then the positive impact on our results as well. Securities related business, t he performance has been strong.
The free trade, the commission zero, the new entrants from overseas. Neo-securities Initiative, our definition is to eliminate trading fees for domestic stock transactions and some other fees that are currently incurred by investors. The question is when are we going to do that? There are six key indicators that we are going to use to make that decision as to the timing. The first quarter, SBI Securities, the operating revenue up 14.3%, the operating income up 8.3%, ordinary income up 8.3%, the net profit up 3.7%. It is not extremely good, but not so bad either. It is showing steady growth. As to the six key indicators or KPIs, our focus is on the share of individual stock trading value, which continues to be very high at 43.6% as to deposit assets, and of course, the margin share is much higher than that.
JPY 20.5 trillion for deposit assets, followed by Rakuten, Mitsui, and au Kabucom, and t hese three entities altogether, they will still be smaller than SBI's numbers. Operating income, these are the important KPIs. The Monex, the JPY 1.9 billion of profit for the securities side with the Coincheck performance. These are the results of Monex, as you can see at the bottom. In addition, we have trading revenue ratio to total revenue is another KPI, and the stock trading commissions without online trading ratio to total revenue. Quantitative tolerance and stability of the system within this fiscal year, that we are going to be able to handle transactions of 11 million accounts by the end of this fiscal year. When the commission being at zero , the quantitative impact will overcome the system's capability. We need to have the tolerance and stability of the system, the better.
The six key indicators, we are going to look at these KPIs to make a decision on when we are going to make commissions zero. If we don't do that, then there will be some player coming from overseas markets. Look at Robinhood, there's a possibility of them being in this market. That said, I don't think that they can survive in this market because we will be their competitors, and they will not be successful in the Japanese market. Again, wrapping up, six indicators, share of individual stock trading value, and the establishment of a system to meet diverse customer needs, the younger people or the day traders and other frequent traders, and o ur group, the entities have been making efforts to handle their needs.
Deposit assets, they will grow even more, and as to profitability, not only the individual trading, but the wholesale business is in our perspective to expand it. The trading revenue ratio to total revenue. From 2008, we have been working on the FX business, the strengthening and the crypto asset business, which will be strengthened even more. Stock trading commissions without online trading, the foreign stocks, IFA business, or the real estate financial field where we conducted some M&As to explore untapped customer bases. We are going to decide on timing of realization of Neo-securities Initiative, looking at these indicators. This is the alliance between SBI and SMBC, the group of which that is going very well. Sumitomo Mitsui Card and some services have been offered and will be offered. As to Neo Mobile, SMBC owns 20% of SBI NEO Mobile Securities.
The other seamless services including automatic fund transfers with SMBC. As to SBI Neotrade Securities, this is mainly for traders, and very strong enthusiasm from the traders. It is almost the zero commissions. The number of accounts, that's 210,000, and the customer deposit, JPY 311 billion. We would like to increase the stock business. This means that the open interest and the net financial revenue are very closely linked. We are going to increase the stock of the business, and the investment trust is part of it. This is the balance of regular contribution investment trusts at the month-end basis, t he upper limit is shown here, JPY 43,291 million. On the right-hand side, investment trust balance, the JPY 4,134 billion, the record high. This is the investment trust savings service using the credit card, cooperating with the Sumitomo Mitsui Card.
Only in the two weeks, from June 30th, that we achieved 6% of the total amount set aside, and I have a very high expectation, u p to three percentage points that is given in the campaign, and t his is the wholesale business reinforcement. We have finally reached 100% of the underwriting shares, and of course, industry-leading figure. From April to June, the total of 33 companies were listed, and we underwrote all of these 33 other companies, some of them as lead managers. Actually, we lead managed the six companies, and t here's one in June as well, I mean July as well. As to POs, the first quarter of 2020 was so weak, and after that, the first quarter, Fiscal Year2 021, saw the increase of 206x . As to corporate bond, we underwrote seven corporate bonds in total, including that of SoftBank.
As to the financial, the corporation, the business, we will increase the business. We have been increasing business with financial institutions and our next target is the financial corporations. We will be aggressive in this area. For that, M&A advisory section should be stronger, and w e are going to do multifaceted proposals to those entities, and also cooperating with regional FIs, and w e are going to increase the number of corporate clients. In each region, the banks are dealing with the high-net-worth individuals as well as the corporations, local corporations. We would like to provide our own financial products to such market, and that will be a benefit for our allied regional financial institutions, so t his is the securities trading revenue trend. FX-related revenue or the crypto asset-related revenue, the first quarter of FY 2021, did not increase so much.
Compared to one year ago, there's some decrease in the crypto asset, but t he other assets, including the foreign currency denominated bonds offset. As a result, first quarter FY 2021, in total, topped the result of the previous year.
In terms of the real estate finance business field, we're going to come out with a lot of products. This June, we have concluded a shared transfer agreement with Tozai Asset Management Company, which manages and operates real estate assets. By the end of September, we were planning to acquire 55.91% of total shares. Through these type of activities, we'll like to set up private funds, like the real estate funds. We would like to proactively expand the business in those areas. In terms of the SBI Securities, you can see that the foreign stock trading volume has rapidly increased. Compared to the first quarter for 2019, in terms of foreign stock trading volume, it has expanded by 6x . The profitability has expanded by 5.5x . You can see that this area has grown.
In terms of IFA business, independent financial advisors, that stands for independent financial advisors, we have been strengthening our relationship with IFAs in terms of the revenues from compared to FY 2020. This first quarter increased by 1.5x . In terms of AUM, it is JPY 2.1 trillion. In this past year, it has grown by 42.2%. Going to the SBI Money Plaza, and this is the co-managed shops with the regional finance institutions. This is going very well. In terms of the co-managed shops, so we have 21 shops with 14 banks. In August, there's going to be one shop added. That means 14 banks and 22 shops will be the number. For the co-managed shops, the AUM is JPY 98.5 billion, so it'll be closing to JPY 100 billion.
In terms of the banking business, we started as a challenger bank, and from the interim term, under a new concept, we have come out with a neobank concept. The definitions are written here. A bank, whether we have a license for a bank or not having a banking license, and the functions are used by the partners, we will support them. We will expand the customer base and provide various services through this partner, t hat is the definition. As a challenger bank, we have been able to show a very high growth. IFRS-based earnings, it's JPY 2,838 million, up 40.3% year-over-year. This is a 50-50 joint venture. You can see that this equity earnings is under the IFRS basis. Under J-GAAP, under the Japanese accounting standard, looking at that perspective, we started from September 2017. We've been able to be profitable in a single year.
We continue to grow. In February 2016, the BOJ started a negative interest rate policy and went down a bit. After that, we have started to recover immediately, and we have exceeded the past peak, and we have over JPY 20 billion by now. Going to the SBI Sumishin Net Bank, the deposit balance is JPY 6.4 trillion, and w e are the number one. Outstanding loans is JPY 4.6 trillion. Compared to Rakuten, what is the difference? The deposits and outstanding loans, so actually a little bit more than this, but this number. Rakuten is JPY 1.9 trillion of outstanding loans. You can see that the deposit loan ratio is low so t hat is the biggest difference. This is ranked from The Bank of Yokohama. The Bank of Yokohama became number 17 in terms of the deposits, JPY 6.448 trillion so this is end of March number.
Out of the 74 banks, we are 17, we have been getting a higher ranking. In terms of the loans, we want to do the mortgage loans, the housing loans. We haven't been giving loans to the businesses entities, so we're focusing on housing loans. In terms of the housing loans, it has exceeded JPY 6.5 trillion as of the 12th of February this year. On the other hand, if you look at our neobank concept, how is this proceeding? We started from JAL, going to Hikari Tsushin, CCC Group, ePARK Group, and Yamada Holdings. We have been increasing the number of partners, and at the same time, we have been aspiring to become a platformer for the neobank through alliances. The JAL mileage, it has been proceeding and advancing. JAL housing loan has started.
Going to T-Points for the T-Point members, this is the T net bank, bank service for the T members, t he CCC gives T-Money, the T-Points. There are 70 million T members who use this service, meaning that once this starts in earnest, it will be a major contributor to our business. Yamada Holdings, again. There are 60 million of Yamada Group customers. Again, this will be a substantial potential for us. With the smartphone, you can complete all your banking transactions, and i n terms of opening account at the minimum, it only takes three minutes, and other points will be accumulated. This is what we are saying. From our point of view, this is a very promising partner.
Going to the insurance-related businesses, i n terms of the premium written for the group, it has been growing. In terms of the profit level and in ordering profit, it has gone up by 33%. Profit attributable to parent of the company, has gone up by 25.4%, at JPY 1,334 million, s till small, but the growth is important, and the CARG basis is 15.5% growth. I think compared to other insurance companies, I think we have the overwhelming growth rate compared to the major players, because we started small, they will say that the growth rate is high is kind of natural. We will be maintaining this level of growth and then overcome them. I think that's the important point.
Please look at this. This is when we started back then, and then in terms of the short-term small amount insurances, we have acquired those type of companies, and we have been increasing the premium income steadily. From the end of March 2018 to end of March 2021, the CAR/GAR has been 12.7%. Rakuten, look at Rakuten, i t has been going down. It's -8.9%, so March end 2021, they have been in the red. Lifenet Insurance, their growth is 17.5%, but they have been constantly generating losses. They had not been established as a business. We will be focusing on the strengthening profitability through measures to expand the business mix and promote initiatives to improve the business efficiency and active promotion of M&A, s pecifically looks at both focusing on the small amount and short-term insurance. We have acquired five.
In terms of these areas, we'll continue to for M&A. When we acquire these companies, compared to when they belong to a group and after they came to a group, you can see that the growth rate is different substantially. It has been about 20% year-over-year. When they enter the group i n FY 2020, they had grown by about 40%. You can see the growth rate has accelerated for Prism SSI, so it h as been the growth rate about 10%, and once they joined our group, they saw a growth rate of 20%. The differentiation through further strengthening of synergies within and outside the group and new mechanisms. When we set up this group, so the business ecosystem was the organization that we thought that was optimal when in this era of internet, and this will be a more advantage for us.
That is the reason why we have set up this organization in this manner. For instance, SBI Insurance, if you look at their situation, about 40%, more than 40% is fire insurance application, and that is coming from SBI Sumishin Net Bank. If you look at SBI Life Insurance, this group credit life insurance that is attached to the housing loans at SBI Sumishin Net Bank, because they are accelerating this business, that drives our SBI Life Insurance sales. If you look at the non-life business, InsWeb, this is a comparison site, and about 59.9% of contracts comes from these comparison sites or the InsWeb. We have various agency websites within the group, and about 90% of the contracts from the agency, it comes agency websites. It means that synergy is being leveraged. It's not just within the group, but we are rapidly forming alliances and expanding.
We have open alliance strategy, which we implement on a group-wide basis. Each of these companies work with different companies, and they build and expand customer bases and businesses. SBI Life Insurance, I think this is quite an interesting initiative. They have Japan's fir st joint scheme of credit life insurance, group credit life insurance for financial institutions. SBI Life Insurance is one of the founders of Zenkoku Danshin and Suishin Kyokai, which is a general incorporated association established jointly by Shimane Bank and SBI Life Insurance. We started this in January 1st, 2021, and two other banks, Fukushima Bank and Sendai Bank, have also participated. Now, we have three additional regional banks, so we have altogether six regional banks. 13 Shinkin banks and eight credit unions have joined altogether. Now the total number of membership is now 27.
It is extremely efficient in terms of business operations, especially for those members. Insurtech, e ven in, I think, non-life insurance business, which is SBI Insurance, they have working very hard on this. We have invested in this U.S. company called DataRobot. They have an office in Japan as well. We form an alliance with DataRobot to see how much we can improve on inbound call center rate or recommendations insurance products or automating contract administration or detecting fraudulent billing to do so automatically. In fact, we have formed an alliance with Albert, Inc. We actually invested in this company as well. In this way, our business in every single aspect implements new technology and realize efficiency and improve customer satisfaction, the s ame thing as you can read here. With regards to asset management business, it might be quicker if you look at the slide.
You can see that our revenue has increased by +20% year-on-year, 31% increase in profit before income tax expense. SBI Savings Bank from Korea is +79.6%. If you look at profit and loss from the changes in fair value and profit loss on sales of investment securities is -70.3%. Like I said earlier, among the public, the names, they were JPY 8.4 billion, and t hat was negative. We have Shinsei Bank here in valuation loss of -JPY 14.2 billion by Shinsei Bank. This is included in here as well. We have about 20% or so in equity, which poses as risk, but again, you can also realize large returns, so r isk and return is a trade-off. For example, BOJ, the monetary policy changes. Everything will turn around with the changing monetary policy.
In fact, if you look at the asset multiples, what about it? Basically, these are the names it's worth holding on to. They often ask us: what do you want to do? I always say: this is pure investment. Furthermore, this is net income of SBI Savings Bank. This year's net income has exceeded KRW 100 billion in Q2 for the first time on a quarterly basis. Of course, it depends on foreign exchange rates, but it's about 1/10 , so it's about KRW 193.6 billion. This is probably the next largest earners of our business next to SBI Securities. Morningstar, again, their asset business is doing really well. With regards to asset management business, we have, for example, private equity business here. As I said earlier, we have Fintech Fund established in December 2015 with JPY 30 billion. Our investment ratio is about 20%.
Normally, our equity stake is about 20% in general. We have AI and Blockchain Fund established January 2018. It was JPY 60 billion. SBI 4+5 Fund, Society 5.0 and Industry 4.0, it's a combination of that. This was established in April 2020. We launched these funds one after another. Everything that we have launched in early stage is now in a payback period. We're able to gain earnings and are profitable. We continue to establish new funds. Once we get the payback and the performance is good, then we are able to pay back or give the returns to regional banks and operating companies that have invested in these companies, and they're more interested in investing furthermore. They make a lot of money from this, so it becomes easier and easier to raise funds for these new funds.
Now we have established five companies that were taken public under IPO, one company subject to M&As, a ltogether, six. In Q2 onward, we have nine, 17, seven, y ou can see that in Q2, Q3, Q4, t hat's what's expected, so a ltogether for full- year in 2021 will be 39. Now in previous year, it was 22, so you can see that this is changing rapidly. Even after that period, we have much expectations. We're expecting 35, between April and December 2022, 45 in 2023, and 36 for 2024. We will continue to see good return and payback on investment, and we will continue to build new funds, establish new funds. We're in that process already. This is on SPAC. This is growing quite rapidly in U.S.
I think peak was in March, i t fell in April, May, but then a gain, we begin to see increase around June. I don't think this will decrease so quickly. Wherever we are investing so far. For example, this is student loans, personal loans, housing loans service. As of July 23rd of, July, it's $12.6 billion in valuation estimate. It went public on June 1st, 2021. This is their valuation. We're investing as well. We have now been able to secure a large amount of profit already. We can secure even more bigger profit, which is eToro. This has already been announced in various places. It will go listed in 2021, September. We're looking at a valuation estimate of $10.4 billion and w e have a substantial percentage in this.
We have venture funds that I have just described earlier, but we also have corporate venture capital funds, CVC fund. I would say we are probably the largest in Japan at JPY 100 billion. You can see a list here, and there's maybe one or two that asked not to be disclosed. This is just a part of the example of the companies we've worked with, and you can see that we have continued to build up, and now we have reached JPY 100 billion. In addition to that, we have established a joint fund to support local business. This is a collaboration, again, with regional banks. It was The Towa Bank, Ltd. and Tsukuba Bank, Ltd. that have announced this together with us to establish this capital fund. In three years, the government will suspend its subsidies on interest.
We are investing in venture companies, so we have to look at how we monitor those companies, and how to help them grow. We have a built-in expertise on this, which we can offer to these partners as well. We are able to monitor them and that is why we have decided to establish this capital fund together. Now Tsukuba Bank, for example, T sukuba is a very interesting city. University of Tsukuba is located in Tsukuba area, and you can see they're number four among the number of venture companies that was born out of university in terms of ranking. This is the largest concentration of commercial seeds in Japan. We will, through this fund, support these startups and venture companies from the universities, and this will lead to business. Of course, this will help develop the local economy as well.
This is the reason why we have decided to establish this fund. Business succession fund. Cumulative, we're planning to achieve JPY 100 billion. We have now number one fund for business succession, and we have two. Number one fund was an investment made in Tokushima Kyowa, which operates a dispensing pharmacy, and today we have completed seven acquisitions. If they were left alone, there would be no business succession, and there was a possibility that they will have to liquidate their business. We have brought these seven in together so that they can increase their sales. Rather than to focus just on one, it was better to be more collective, so that they can increase the probability of success as business. This is the way you need to think in terms of business succession, s ame thing with large rice wholesaler.
Shinmei Holdings is the largest rice wholesale. The fund undertook its first investment to a rice wholesaler, Hamamatsu Beikoku. Of course, this is also related to what will happen to the permanent listing of Dojima Exchange, but the media reports as though everything has been decided, but I don't think that issue has not been completely decided yet. It's not finalized. Even if it's undecided, then Dojima will exit from doing any rice wholesale business. In yesterday's board meeting, we have decided that about Dojima. Today, I believe they will hold a press meeting. Mr. Nakatsuka, I believe will do a press meeting on this. With regards to this case, I would say 90% of people were fixed on this, and they said they would not be opposed to it.
We have decided to go with the permanent listing. There was one member of Parliament began to say that, I will put my political life at stake to oppose this. For some reason, there was a surmising by the government ministry. They had went undecided. I wonder how long these parliamentary members continue to do things like this. They think that it is more effective to win the election. They really need to do is bring in measures to innovate agriculture. If they think about, it is easy to think what they need to do to win this election in that sense. I will not mention the name but t here was one nonsense parliamentary member who opposed it. These are, I think, agriculture is probably the worst.
These are the parliamentary members that are very linked to these agricultural policymaking, I think this is an area that really needs reform. They need to really drastically reform Agricultural Land Act. I have been saying this because this is an outdated law that was implemented post-war. The same thing with the fisheries rights as well. All of these things need to be changed. This will lead to modernization of Japan in true sense. Modernization of politics, I think we need to cut off several ties with these members of Parliament who are connected to particular ministries and policies. I am not saying this on behalf of the company. This is just my personal opinion. I think I am always for free and open policies. It is not just one area or region that should be open and free.
I think it should be the entire nation that should be open and free market and I am a big model of that. I'm sorry. I sidetracked. I'm going to move on. This is overseas financial service business. Like I said before, SBI Savings Bank, their overall delinquency rate was 51.6% in overall loans in business 2013. Everyone in the media have really criticized about this shopping as a bad shopping. Now their delinquency rate is 1.6%. I would say following SBI Securities, they bring us more stable profit. They have transformed like this. I think this is possible in regional banks as well. The same picture can be realized, scenario can be realized with the regional banks. What they need is support.
What's most important is that what we have sought out for this SBI Savings Bank is for them to change their mindset. I believe that that's the greatest weapon to realize this transformation. Regional banks, all the management and employees, they need to change their mindset. They need to, once again, remember, recall that glory that was lost and restore that. They need to be determined. I'm listening to all the gold medalists who have played in Olympics and I was quite touched and impressed. I thought and looked at these young people, and I was very hopeful about Japan's future. I thought Japan has a lot of future as well and I think the same thing with the regional banks. They have potential as well. We invest and they can leverage our resources.
Mr. Morita is working his utmost to realize this, but that's how they will be able to transform. That's like one light shining over the dark area, and it lights up the entire market. This is what you have to do in Japan as well. This is how the regional banks in Japan will change, like SBI Savings Bank in Korea, and they're contributing to the expansion of customer base. They quickly implemented technology and built customer base. They have changed the old ways of doing business before. This is something that I have demanded strongly, and they transformed themselves. Vietnam, FPT Securities. We have an investment ratio of 20%. This is growing rapidly as well. Between January and June 2021, this is JPY 12.7 billion. This is full year, remember, over here. Also TP Bank, I'm sorry, between January and June 2021 was JPY 2,065.
Now the market cap is JPY 180.2 billion for TPBank. This is a bank we have invested early on. Vietnam is one of the economies in Southeast Asia that probably will grow most quickly, y oung population, and b ecause of China's situation, there will be changes in supply chain management, and many of the production bases in supply chain will be shifted to Southeast Asia. Mr. Binh, the Chairman of FPT Corporation, and I are almost like brothers. He's the Chairman of Agriculture Association of Vietnam. Vietnam, it has a number two producer of cacao next to Brazil, and there's another company that he runs, and he said that, "Can that gone public in Japan?" He asked me what about rice. He has ideas one after another, and I will be meeting with one of the top officials of Agriculture Ministry in Vietnam.
Japan, if it obviously is behind, then I will go to these other countries, and that will in the end result will be positive for Japan. Here is a Russian bank we have acquired, and it is now revitalized, and is now profitable. You can see that between April and June, it has grown like this. Thai and Cambodia, t his is Cambodian Bank. We had acquired a medium-sized microfinance company and transformed it into a commercial bank. They had written off all the losses and became profitable, but quite quickly. This is online securities in Thailand and you can see that it is now generating a lot of profit.
This is asset management business. I think that asset management, whether it be asset managers or security companies, I think this is an area where Japan is most attractive in terms of market, because there's an enormous amount of personal financial assets valued at JPY 1,946 trillion, and 54% of that personal financial asset is among that, and 20% is cash and deposits. BOJ, even though it's negative interest rate, there's about 20% of that cash and deposits of the personal financial assets can be transferred to pension funds.
If we build a system, can design a system, incentives to move those funds from cash and deposits, then we will be able to attract money managers from all over the world. I have been saying this from on and off, both to the government and also the parliamentary members. There is a tremendous opportunity to expand the investment management contract. As of the end of February 2021, JPY 127.6 trillion, among which outstanding balance of low yielding yen bond is JPY 85 trillion, which will never improve your performance. Also, JPY 15 trillion or about 40% of the JGBs and local bonds that will be redeemed by around 2022. What should we do? The regional FIs do not have people to deal with this transition and that's why outsourcing to us that will help them.
SBI Asset Management Group that is interested with asset management of 95 regional financial institutions, 54, the regional banks, over 95. It's not only the yen bonds, but the U.S. municipal bonds, Canadian provincial bonds, Australian provincial bonds, are the competition of the investment, and alternatives as well to improve performance, and A sakura-san and his team are doing that. Already PIMCO, our joint venture partner, SBI Bond Investment Management, and another entity, SBI Regional Revitalization Asset Management, co-invested by 39 regional financial institutions, out of these two entities together, they exceeded JPY 2 trillion of total AUM, among which, the 34% are from the banks with capital in business alliances, and the rest is 66%. Again, there is the small beacon or small light that which can help the whole picture. The SBI Asset Management Group, the following committee, Sumitomo and Invesco and BlackRock, we are ranked number four.
Number four in terms of cumulative inflows of privately placed investment trusts. Why are we doing so well? For example, let us look at the SBI V S&P 500 Index Fund, co-funded with Vanguard Inc. JPY 271.1 billion is the net asset, with trust fee ratio of 0.0938% as of July 26, compared to Rakuten and other entities, t he fee ratio, it's so low. The performance of the investment trust depends significantly on how low you can set the fee ratio. Here, SBI Asset Management Group's AUM, both in public and private placement, JPY 3.2 trillion is the balance of the investment assets. With private equity, the SBI Group as a whole, JPY 4.8 trillion, the JPY 100 billion. In two to three years, we would like to reach JPY 10 trillion, and w e are already halfway to that goal.
Many people are doubting if we can achieve that goal, but we are already halfway to that goal of JPY 10 trillion. Liberating the will, and the know-how, and effort, we will make it. We have been accumulating the performance in this financial world, and our posture, positive posture, is like DNA that's shared among all the executives of the group. I know that we will make that happen. Biotechnology, healthcare, and medical informatics business, as I mentioned earlier, the loss here will be zero as to Quark Pharmaceuticals and the SBI Pharmaceuticals that will be in the black for the full- year. We have been saying that we should not branch out to too many other areas, so t he R&D cost, that will be the forecast.
The German, the guy that is the actual CEO of the entity, he is doing very good work, very good job, and I think that there are 311 companies, and I cannot see them all. I depend on each of the leader. SBI ALApharma is growing. Photonic will be in the black for the full- year, although some losses in April to June, and t he Medical Data Vision, JPY 64 million already. This section, this business section will turn around. SBI ALApromo, their sales, grew 1.9x , the pre-tax profit grew 8.1x . The SBI ALApromo's products containing the 5-ALA, r ecently, we are seeing lots of the non-certified products on the internet. That is why we are now using this mark, ALA+ mark, to give authenticity to our product.
We have the patent of 5-ALA, the phosphate, and we are manufacturer and sell under the exclusive license for the substance. The accelerated development of new business, such as research and products for the with COVID-19 era. ALA as food with the other functional claims. There are lots of papers about the effectiveness of the 5-ALA phosphate, for the other corona patients. That is officially carried on The Open COVID Journal on July 16th. Also the Bahrain government is also in the picture. The research and institute and university is also studying to alleviate the suffering of the corona patients. They are collecting lots of data in that context. With corona, the virus, the people are becoming more conscious of their health. We are going to increase the number of products using five-ALA.
There are many people who are depressed because of the pandemic, and t hat's why we have launched ALA+ Mental Care, actually, on July 6th. As to ALA+ 5-ALA 20, that is going to be released on August 2nd. This July, that shows 1.3 times increase in the monthly sales compared to one year ago. The 5-ALA is very effective to suppress the sugar absorption. Here, in the autumn of 2021, we are going to launch ALAplus Tou Down Salasia. This product uses the Salacia- derived, the salacinol. It's the native tree in Sri Lanka. You use this, the wood, to make a cup, and w hen you read water using that cup, that makes you more healthy. Also, as to recovery from fatigue, another product, which is ALAplus Gold Hiroukan Keigen, to be launched in spring 2022.
For menopause, we have conducted clinical trials with Juntendo University. As to fatigue reduction after exercising, the same collaboration with Juntendo University, we are planning to notify these products. For the sake of investment, we continue the investment activities, so o ne example is CureApp. It is for the medical application in diagnosis and treatment and medical devices. Prevention, diagnosis, treatment, we have been investing in those entities in these areas, as well as long-term care and the products to alleviate the diseases coming from the lifestyles and health promotion, digitized medical information. We have been investing in each one of these, the medical health areas. In this context, we wanted to add medical informatics business, t hat's why we acquired Medical Data Vision, the MDV, o ur stake is 20.69%.
Development of new products and services, promotion of business that contribute to the revitalization of local economies, and strengthening cooperation with SBI subsidiaries and companies invested by the SBI Group in this area. The factoring for the medical entities, because MDV has the biggest database in this area. Also, the health account, it's just the question of time that we are going to make this new service viable and with regional banks. For example, deferred payment service for medical expense or the medical insurance or apps for healthcare management or the nurse calls when you have some concern about your health, and you can talk with a nurse. All of these things are on the health account, in different regions. As to the Medipal Holdings, which is largest pharmaceutical wholesaler, and we have business alliance with them. Medipal Holdings, they invest in JPY 10 billion in CVC.
The MEDIPAL Innovation Investment Partnership was established in March 2021. They have a good eye for promising area. We have a good eye, both at home and abroad. We can combine their capability with others, and we can utilize the pharmaceutical distribution networks of investee companies at sales channels. It's a strategic alliance with them. Now, digital asset-related businesses, we have been focused on this area for some time. The world's best digital asset-related business, that's our goal, and we have been making lots of efforts. Starting with crypto asset-related business for Fiscal Year 2021, the JPY 4.57 billion, or the +56.3%, that is for crypto asset-related business. Though we do not increase the spread only because we think it's a promising business, though we would like to narrow the spread as much as possible, and the cryptocurrency is not an exception.
Steadily and in a very assured manner, we are going to exercise our strategies. Strategically speaking, this B2C2 acquisition has been very effective. B2C2 is the world's largest crypto asset market maker, so t hey are in alliance with us, and t hey can utilize their know-how for the FX trading as well. On our side, for the crypto asset technology, like the quants and other technology or systems, can be utilized for our FX business or for our crypto asset business. I'm very happy to have this business relationship with this B2C2. We have 19% stake. From July 1st, 2021, we started opening and trading of corporate accounts for crypto asset CFDs, we will expand the product lineup related to crypto assets, develop crypto asset derivative products, options, et cetera.
As to this development of options for the institutional investors to attract them, we have been encouraging Takamura-san to do it as early as possible, because that would allow individual investors to hedge their risks, and we can differentiate ourselves from other players. When I was with Nomura, the corporate section, and I could produce tremendous amount of profit because of the options. Back from the U.K., I led the corporate section, Mr. Tani, the then president, called on me. I said that I would like to do more of derivatives. This president said, "Yes, that's good." He had a very good wide range, the know-how, and good eye for the promising business. Kashima-san here has been working so hard in that corporate area as well.
The section three of the corporate department at Nomura became the strongest section, both in terms of the revenue and profits. Derivatives is something that I hold very dear to. It's a very important thing whether we can do it or not. That said, derivatives requires expertise. You should not have half-baked strategy. You have to go through your professional approaches, so t hat's what we are going to do. Provide liquidity to domestic overseas crypto asset exchanges, securities companies, investment management companies. Because B2C2 is the world's largest market maker, that's the best partner for us. We can expand the expertise of B2C2 to other fields, as I mentioned earlier. The SBI VC Trade's VC TRADE Pro is the exchange of JPY 500 billion is the criteria for me to start the business for the Bitcoin and Litecoin was the start.
There is always a risk, so the minimum of JPY 500 billion. Of course, the project has cleared that criteria as well. As to stablecoin, I'm very prudent for that. Why? Well, once the central bank digital currency is in place, there will be no chances there. I will not branch out to that area. It's not profitable or not, that's not the question. We need to think about future risks, whether it will benefit our customers or not. That's my criteria to make decisions. Some people would say that, "Kitao-san, this will be very profitable. Why do you not want to do that?" I do not give explanation to such comments. You need to think by yourself. If not, you do not deserve being the head of a group entity, for example.
TaoTao, registered for the Type 1 financial instrument business on May 10th, 2021, considering the offer of industry-first product to meet customer needs. About SBI Crypto, it was very costly. As to the mining of Bitcoin, the mining uses lots of energy. In this trend of clean energy, the CO2 emission reduction, this mining of Bitcoin is negative because it consumes lots of electricity. It will be a very big problem in the near future. Whatever the cost is, 90% of the electricity or power consumption should be renewable energy. Of course, the Bitcoin price went down, so there are some appraisal losses, but that's okay. Now, our mining activity uses clean energy. 90% of the power is clean energy. Now, next generation, the products and services, and f irst, I'd like to talk about the concept that I have created.
1999, when I started this SBI business, it was Fintech 1.0. In other words, all the business on the internet, that is the idea of Fintech 1.0. www, web, was indispensable to do that. On the web, information is exchanged globally, and t hat's the concept that I started with. In a while, the financial ecosystem was established, then the AI, blockchain, IoT, robotics, various elemental technologies were developed and enhanced. When that happened, I wanted to incorporate them into our data ecosystem, that is Fintech 1.5, followed by Fintech 2.0. Here, the blockchain is the core technology. Of course, DLT is extremely important as a concept. Existing elemental technology will be even more enhanced, combined with the blockchain, it will further develop. Now, we are talking about exchange of values, v is-à-vis exchange of information.
That is the Fintech 2.0 concept that I have introduced. Now we are in Fintech 1.5 and then Fintech 2.0 will come around. More specifically, it is DLT, smart contract, international digital exchange, decentralized finance, security token offering, non-fungible token, digital asset bank, and central bank digital currency. These things should be organically, nicely incorporated into the ecosystem to create a new financial ecosystem, and 60% of my mind is focused on that. Now, the new financial products and services at a glance, s ecurity token offering. Between 2017 and 2019, at least 123 projects were established. From 2020 to 2025, the CAGR will be 56.9%. DeFi, or decentralized finance, are the financial services provided through a program that runs on the blockchain automatically.
The low cost, the high transparency, scalability, equality are the characteristics, and the total value locked on the blockchain, or TVL, is more than JPY 50 billion, or m aybe more than that. It is underestimated, maybe. Moving on to non-fungible token, t he more you study it, the more interesting it becomes. NFT is a token that proves the uniqueness or authenticity of a digital artifact game using blockchain DLT. CBDC, central bank digital currency, a s of 2020, 86% of the 65 central banks have conducted some kind of research and study, and 14% are already at the pilot project stage. This is the reality. There's no time to be delayed. The FSA should also study these areas. I have asked that to the new commissioner of the FSA.
We have the research, the basis, which used to be the university or the graduate school, and which could be transformed into the private company. The academism and the actual business and some other legal aspects, regulation change, maybe. All of these are the aspects that should be put together to create the financial market which can compete with the other markets globally. Security token, a s you can see, this is a very traditional one. This is centralized, and then gradually it goes to decentralized scheme. The security token, it still has to be certified, and then it's centralized, it's a consortium. If you go to DeFi, it's non-certified, it's a public verifier, and the operators are multiple, and it's distributed, so there are various schemes, and c rypto assets, Bitcoin, that is.
Again, this is the public, decentralized, distributed, and this is a kind of representative player. You can see there are new financial areas and definitions are being generated. In terms of security tokens, it used to be called ICO, initial coin offering. Well, there was initial coin offering. Actually, this was a fraud. It was become a fraud all over the world. There was this sense of concern, and Japan was one of the forerunners to set up a legal system for STO. For October 2019, the Japan STO Association has been established, and from May, the amendment of the Payment Services Act and the Financial Instruments and Exchange Act was enacted. In April 2020, the FSA certified the Japan STO Association, well, I am the direct president there, as a self-regulatory organization.
Through this, you can see that as the system is already going ahead, and we are now doing some pilot activities so that this can really be commercialized or not so t his is case one. This is third-party allocation of new shares for SBI e-Sports via an STO that has been conducted on October 30th, 2020, so t his was the first-ever case in Japan. The issuance of security tokens in full compliance with the Financial Instruments and Exchange Act with securities appearing on tokens, t he SBI was. See this? And BOOSTRY, this was established by Nomura Group, and we have a 10% stake in BOOSTRY. Individually, we could have conducted this, but I think having a partnership and building a market, I think that it has been a necessity, t hat has been my decision, so t hat is the reason why.
Well, I, you know, decided that I should put 20% stake in BOOSTRY . As the top runner of the industry, Nomura handling these type of services, I think that's very important. Number two is the SBI Securities conducts the first public offering of asset-backed ST in Japan. This is the first-ever case for the general investors. This is based on ibet for Fin. Oh, excuse me, f irst STO for general investors, Japan collaboration, BOOSTRY, et cetera.
SBI Securities announced this, f irst security token offering, STO for general investors. This is the 4 companies, SBI Securities, SMBC Nikko Securities, Nomura Securities, and BOOSTRY. ibet for Fin Blockchain Consortium in June 2021. I thought that rather than just relying on one company, it's important to have this consortium. We want to become a decentralized financial platform. Case three, again, this is with the Mitsubishi UFJ Trust and Banking candidates and Nomura Securities in collaboration with these companies. This is a public offering of asset-backed STs. Mitsubishi UFJ Trust and Banking, Progmat, this platform has been provided by Mitsubishi UFJ Trust and Banking, and this is one of the major things that are happening for the commercialization. For issuer and investor and regulator, so we want them to acknowledge that there's huge benefits of this. I think this is the right timing.
For the issuer, this will be not as burdensome as IPO in terms of fundraising. Unlike stocks, the external financing can be considered without relinquishing control of management from the investors, so t hey will be able to get non-monetary returns. Unprecedented investable products will be accessible. From the regulators, this will be compliant with all regulations in terms of the information disclosure. It means that new markets will be made and new services will be handled. They said this is a great thing. Basically, Japan as a whole should be focused on this, and I think this is a social contribution that we are engaging in. In terms of the the distribution, the secondary market is what I want to focus on. Globally, there are a lot of movements here.
In Singapore, we are going to set up a digital asset exchange with a company from Switzerland, SIX Digital Exchange. We want to start in 2022. This will start from Singapore first, and w ith Börse Stuttgart, number two stock exchange group in Germany, so they have a digital exchange. We will have invested 10%. In terms of the crypto asset custodian business, although there's a company that handles that, and we are planning to invest in a digital investment company of the Börse, to that group. The international brokerage or the custodian business, it means that we'll be able to create an actual demand for digital assets worldwide. This global development, so w e have SBI Digital Asset Holdings. We have started this new holdings, so e xchange, distribution in Europe and Singapore, and systems, so t his will be a global endeavor.
By handling these products, we have to offer full security. What gives us this technology? These are venture capital companies that give us this technology. We have to have a good eye, and all the companies should be able to have a good eye for these type of investments and introduce new technologies, and distribute those investments. We will invest, introduce, and then distribute all these technologies. That is what we're trying to do. Ultimately, we want to create the world's largest global corridors. Japan should take in the leadership in creating this type of endeavor. In any conference I go, I proactively discuss matters with overseas counterparts, and I persuade them. By doing so, I have been setting up a lot of joint ventures and have been successful in that.
In this area, I am committed to following through my initiatives. The partners, we have good partners already, we have these partners already. Non-fungible tokens, NFTs, so w ithin a group, we have an SBI Art Auction, an auction site. Whether this will be connected to NFT, when we set up this auction company, I didn't think that it was possible because I was very interested in art. Because of this interest, I set up an auction house. Another is that the affluent people will purchase artworks, t hey always do, t he Chinese affluent people, wealthy people. They will get a lot of proceeds through these auctions, they will have these glamorous mansions, they have collected these Western and Chinese antiques. This is like the Wild Wild West in the United States.
The people immigrate from and to the U.S., and the people who were successful in U.S., they bought up all the European antiques, and then they displayed this in these very gorgeous mansions they built in the United States. These wealthy people, they will always purchase and be interested in artwork. That was what I was thinking. I have been very interested in art from the past in London, in New York. Most of the colleagues will go to golf, but I would go to antique shops and go to auction houses, w ith my wife, that is. Through these experiences, what I found out was that these artworks, the wealthy people will almost always purchase artwork, so t hat's a fact all over the world. I set up this art auction, but they were going to be engaged in the non-fungible NFTs.
This is a good positive cycle. We have partnered with Startbahn. We will issue a blockchain certificate to those who have made successful bids. Since April 2019, introduction April 2019, the number of users, 250, n umber of certificates issued exceeded 500. With Startrail, the blockchain Startrail, we will utilize this and accelerate this activity. What I have to do is to create the NFT marketplace. You have to have a secondary market so n ot having the certificate is enough. You have to sell it somewhere. For instance, for inheritance issues, you have to connect this in this manner or else things won't work. The Startbahn, a company, t he CEO is a very bright person. I discuss matters with the CEO.
I think we'll have to try to extend this business furthermore, but I'm very sure that I can partner with Startbahn through these discussions. Not only artwork, there's media, game, virtual space, real asset-linked product, a ll of these things will be leveraging on fungible tokens. In 2021, you can see that the market of NFTs expanded rapidly. According to a research institution in U.S., in the first quarter 2021, it surged 17x compared to the first quarter 2020, and surpassed $1.2 billion. Of course, various issues have arisen. How are you going to ensure the authenticity? How are you going to confirm the continuity with existing rules for copyright and ownership transfer? You have to establish a legal issue here, and establishing a reliable secondary use and secondary distribution market environment will have to be done.
How are the tax regulations going to be? These legal and tax regulation issues for the FSA on various aspects, I will discuss, and we want to go forward. We are not going to jump onto this. The rules should be established first, and we'll have to have a condition that the investors will not be inconvenienced, and then we'll do business. If that environment is not available, you have Mt. Gox and Coincheck, you'll go down that road. We are different from the pack. We have been focusing on the traditional financial businesses, and we will clear all the certifications and requirements. With the new areas, we will challenge with the cutting-edge technology, t hat's our characteristic as a group.
Going into the decentralized finance, DeFi, so w ithin the group, we have a lot of companies are preparing to establish a DeFi ecosystem, and have already been engaging in this. The group-invested companies, partner companies as well, are part of the ecosystems. Within the SBI Group, the DeFi project, it means that the apps that you can usually use for the smartphones as a model, we already have a model. We want to brush it up within the project team. We are under development. With this, I think it's very important that we have what is from the academia point of view? How does the FSA think? We have to verify that, those aspects, and then create new products and new markets. The regulators and the BOJ are also keeping a close eye on the future of DeFi.
For instance, the FSA has a FinTech Innovation Hub. They have published the activity report on the July 2021. The FSA newly established a working group on dealing with digital and decentralized finance. Going into the central bank digital currency, I heard we already talked in detail about this already. The digital Chinese yuan in China, i n 2014, they started this research. In 2017, they started official development. In 2021, June, about 14 provinces and 29 cities in China. Well, their provinces and cities in China, they have a massive population. The number of settlements is already more than 17.7 million. The total amount of settlement is already CNY 34.5 billion. What stands out is that they have this general use CBDC, general purpose CBDC. Well, normally people go for wholesale CBDC, but for the e-CNY, they target both individuals and enterprises.
China, apparently, they want to move away from this dollar-oriented financial system, from a Bretton Woods system, they want to move away from that, so t he key factor will be this that you're seeing. They'll be using it for trade gradually. If this is used as the currency for trade, relatively speaking, the positions of the dollar will be diminished. The U.S. and Europe, they will have to seriously look at the situation or they'll suffer. The Fed Chair Jerome Powell told the hearing on the U.S. House of Representatives, the Financial Service Committee on July 14th, that the report on the digital was expected to release around the beginning of September. I'm looking forward to this report. For the Eurozone, things are moving forward. The Japanese government, in terms of first phase of POC, they began on April 5th of this year.
Compared to the speed that's happening in the world, BOJ seems to be a bit slow. The Japan's first crypto asset fund, Anonymous Association, we're going to start this, planning to begin this in fall 2021 with only using crypto asset, so t his will be Anonymous Association fund. Well, we want this to be a public fund, but the FSA said that will not do. I said, "Is a private will be okay?" "No," they said. Now we discussed and decided to be Anonymous Association. I think for the ETF, I think in the U.S. it was just a matter of time, so t he ETF will be approved. I think that's the trend in the world. We want to come out with this and accumulate knowhow. Asakura, Mr. Asakura's division is doing this. By doing this, we want to accumulate the knowhow.
Our crypto asset or cryptocurrency business will be closely linked, so S BI Securities and SBI VC Trade, SBI Asset Management, these will be a trinity, so to speak, and w e will dominate this area. The SBI Financial and Economic Research Institute, I talked about that. We have this academia as institution. I have set this up on the 1st of April, and we have invited Masayasu-san , a former member of the Bank of Japan's policy board, and as a director. I will be a normal director. Because if I lead these type of things, people will say that, "Oh, oh, Mr. Kitao is just leading this as he pleases." We want to accumulate the knowhow through business. We want to offer that to this academia and by exchanging opinions with the FSA.
We want to hire a lot of excellent, outstanding people. We want to have a certain number of researchers. We're focusing on those four themes. I think this is a wholly new concept in terms of what a research institute is going to do. Next, so R3, which we have a partnership, and Ripple. Well, in terms of R3, the supply chain management and the various other areas, they will have a DLT that will contribute to the business efficiency, distributed ledger technology, and they will focus on that. Luckily, this R3, the U.S. company, has set up a joint venture, and we are the largest outside shareholder, so Ripple. We are the largest outside shareholder with 8.76% of the investment, and R ipple, we have 60% of Ripple Asia, and we have 40% in the U.S.
In terms of international remittance using XRP, we are going to switch to XRP, a crypto asset, that is. In terms of our fund management, in terms of the security, and in terms of the cryptocurrency distribution business, and in terms of the global development, everything will be combined. This is how we go forward with the business, and I've thoroughly thought of this way of doing business, and we're going to do this in the same way. For R3, we have 51% of joint venture. It started with 64%, but SMBC, they wanted to do this trade finance business, they put in 14%. SMBC, well, b oth companies made a sacrifice, SMBC has 14%. This LC Corda, they already have more than 300 financial institutions. In many ways, they will be utilizing Corda. What's promising is trade supply chain management and Marco Polo.
This is where SMBC is putting a lot of efforts in, and C ontour, which is LC transactions. Again, HSBC, Standard Chartered Bank, Citi are involved. Also, we have manufacturing traceability, we have capital markets, so a ll around the world, big players are now entering this business using Corda. We also, as a group, like I said before, as much as possible, we will quickly create this world of 2.0. We will implement this one after another, whether at liquidity market or SSI or SBI Traceability. We have established a company called SBI Traceability, or we have BaFin, which is SBI Group's local subsidiary in Hong Kong. Furthermore, we will utilize Corda to issue digital currency in multiple regions in partnership with regional banks and local entities. We have track record.
Today, there are five projects which are scheduled to be announced. This is an information platform called Machi no Wa and Machi no En. Machi no Wa is established by three companies, but this is not just Kyushu. It's Kyushu because Kyushu Electric Power is part of it, but it's actually rolled out in different regions. It's ready to be rolled out. Ultimately, where I really want to emphasize is at Osaka Kansai World Exposition. We would like to propose a use of Corda and digital currency. In the previous Expo, and also even outside of Expo, when there was a questionnaire that was done on the foreign visitors to Japan, one out of every six foreign visitors said that there's lack of places to exchange money in Japan. We'll change this all around.
We will use Ripple to send money, to do international remittance, and then we will use Corda to convert that into local currency. Japan Association for the 2025 World Exposition will be the issuer of the digital currency. Without having to exchange money, they can freely use this, so t his is something that we definitely want to do. Even at Toyota Tsusho, they are starting called electronic contract service called DD-LOCK SIGN, which is also using Corda. Also, DLT from Ripple in U.S, m ore than 300 financial institutions have been participating in RippleNet. I would say 90% of the business is outside of U.S. Even when I was a director, I had been saying this, "Let's split it into two, U.S. and non-U.S."
Even if you lose on a litigation on this side, it will be just limited to there, and we can continue to do the business as usual on this side. I've been saying this from before. We'll see what happens. They think that they can win this litigation, this battle. We're yet to see what will happen. In any case, simply because this is legalized in Japan, we will roll this out in other countries that it's legalized. We will continue to expand business using SBI. Same thing with MoneyTap, t here are 38 regional banks that are investing in MoneyTap already. U.S. Ripple also holds 33%. They're the largest external shareholder. Again, P2B remittance will continue. P2B will also become possible using MoneyTap or prepaid charging service providers like PayPal. They can go through this and expand this.
Number of banks that will be connected will reach 20 by the end of this year. Once we reach 20 banks, we can expect to see an expansion of economic effect, and I think this will have a big leapfrog growth.
SBI Remit, t his is companies both in Vietnam and Cambodia. Again, we are using Ripple to do international remittance with these two companies, so s omething like this will be increased more and more. We just recently announced this, and actually helped increase the prices of Ripple, but SBI Remit deployed Japan's first international money transfer service using crypto assets. This will be used to do international remittance from Japan to Philippines. This is a new service using Ripple's payment infrastructure and digital asset, XRP. By utilizing such technology, the credit risk and cost will be reduced significantly. This is the overwhelming competitiveness. Remit will become overwhelming number one in international remittance, and n ot only in Japan, but they could become a global player as well.
In addition to that, I'm making them make SBI Africa to do a used car business, and I'm planning to use Ripple for transmission or remittance of the money here. I'm planning to invest in a bank over there. I'm looking at some candidate. I think it was a Uganda bank, which I made an investment before. We made money, so I sold it, because there's a lot of political uncertainties, and I felt some risk in that country, so I exited quite early, divested early. I would like to buy a bank, something like that, or maybe establish a bank like that. Maybe in Africa, we can establish digital bank, so f or example, a former colony countries, it could be U.K. or French colony, but we can work together with the local financial institutions and establish business there.
The other day, someone from France came, and he said that, "Mr. Kitagawa, please do more business with French companies." This man from French Embassy came and said that. What I have in mind is that we should be working with former colonies. African financial institutions of former colonies, I would like to collaborate with them. Eventually, when we can see actual business increasing on this side, we can do all the remittance of money using this, t hat's what I wanted to do. Next-generation financial products services, again, in various areas like CBDC or even Ripple. They have XRP Ledger. They have smart contract function. CBDC and XRP, you know, they are not competitors, but they are complementary to each other.
Again, we are trying to enter into new domain one after another, and we work with companies like this because they develop good technology, and we would utilize that. Proactively utilizing M&A to further expand business space, j ust the other day, we have issued corporate bond, straight corporate bond of JPY 80 billion, MTN bonds of JPY 30 billion, so a ltogether JPY 120 billion. This have the funds for us to make future growth. These are the targets that I have mentioned before in the past. Earlier, at the beginning, I said our midterm sort of three to five year vision. In order to materialize that, we will engage in various M&A activities. We will do that in addition to our organic growth so that we can achieve that number that we have laid out.
This is an effort to attract international financial center to Osaka in cooperation with local governments and various other stakeholders. Attracting international financial center, I think we can't just stick with Tokyo. I think we have talked about this before. It never has been successful. Why? Because we need new global financial market. We need new global financial product. We need new technology to be used proactively. Without these three, we will not be able to establish international financial center in Japan, and I said that. I want to bring about these three elements. That is why I have worked with SMBCU, Osaka Digital Exchange, t his is the equity p lus SE, and Dojima will be the comprehensive exchange, so we will run this as well. Now, this is now a stockholding company now. As you can see, percentage of our voting rights, we have about 49%.
Japann ext Securities is 19.42%, but we have stake in Japannext. As a result, in SBI Holdings, again, we have direct holding as well, 14.57%. We will implement different measures in order to improve the performance. There are market makers who want to join this party and overseas financial institutions that's interested in participating as well. One of the bottlenecks is that we have to reduce our share. Also, the Osaka Digital Exchange, most of them, Dojima, there's great interest from overseas as well. Like I said before, whether domestic players will join or not. If not, if they are, then I would like to prioritize domestic financial institutions. That's how we have decided with SMBC. The timeline has been decided. We will be sure we implement this.
Now, again, for Osaka Dojima Exchange, we have applied for permanent listing of rice futures on July 16th, and on the 7th of August, there will be a conclusion that'll be drawn. This is what I had just said earlier. In addition to these two, there's one more weapon that I want to mention, which is the API Mart. This is linking domestic and foreign fintech companies with domestic and foreign financial institutions, o f course, there's others. We will create this to attract international financial centers. What is this? We will establish Osaka Fintech Center. We need to have an industry cluster in Osaka, otherwise we will not be able to revitalize Osaka. Otherwise, Osaka will continue to deteriorate and sink downwards. We need to do this with fintech. There's 171 companies, we have already implemented JPY 170 billion in these fintech companies.
Maybe I would say we're the greatest investor, the largest investor, so w e will be attracting people to Osaka, and t hat weapon at that time when we plan to do this, is the API Mart. This is application interface, t his is API, as we always talk about API. I want not just financial institutions, but we need to have users of API-based fintech functions on one side, and we want to have domestic and overseas fintech function providers. It will allow the matching of these two. Those who are in and out of Japan can match the right partner, so w hether it being English or Japanese, it's like a comparative site or it's like a search engine. It has a dual function of that. We have established a project team and this has started moving.
I said, "You need to create this no matter what." This is my third pillar in Osaka. On the 3rd, I'm planning to go to Osaka, and Osaka headquarters is now opened in Nakanoshima Sumitomo Building, and I have my office there as well. I will be traveling to Osaka very often. Along with that, on the 3rd, I will be meeting with the governor and mayor. We will do a signing ceremony together. We will document our alliance, and we will sign that. We have that signing ceremony with governor and mayor. SBI's future business activity guidelines with COVID-19 era, w ith the penetration of vaccination, even if you look at the major countries, economic activities are resuming. The problem is the number of fatalities and people who are having severity and it's not have to do with infections.
I think even influenza, flus should be announced. Why is it, you know, we have people dying every day who have been vaccinated above 65 years old? Whether it's 5,000 or whether it's 3,500 or whether 4,000, people who are above 65, the number of death will not increase that much. This is becoming a common sense of the world, and I think it's only Japan that's doing this as, not a common sense. This is media and also the opposition party. With regards to U.S. Fed Chair cautioning about early rate hikes, saying accelerated inflation in the U.S. and accompanying the Fed rates hike observations are a temporary factor. Japan's market recovery lagging due to delay in vaccination. Why was Japan lagging? It's not because of Mr. Suga and his administration. It 's because of the Japanese legal system. It's a system run by MHLW.
We need to quickly change this. They were not able to do so, maybe in that sense, maybe it was government's fault. They have this group of experts who every time they have to consult, from my point of view, I'm wondering what their expertise is in. They're not really an expert in anything, it seems to me, but b ecause of these reasons, there was a significant delay in vaccination. If there's a delay in approval, there's delay in vaccination. Now they want to do this promptly and quickly. We have the rapid progress with 37.4% of the population vaccinated first time and 26.3% for the second time. We see a rapid progress. Mr. Kono, I think he has lagged a little bit, but I think a quick vaccination will prevent people becoming severe.
Even if you have been vaccinated, of course, you can be infected, but the important thing is that you don't die from it. Look at the flu, p eople, even if you are vaccinated for flu, you sometimes catch flu every year, and you don't die from it, right? I don't have a vaccination for flu and I don't catch the flu. People who get vaccinated still get flus. The greatest mistake is that they had designated infectious disease. According to the categorization of designated infectious disease, you have to be segregated, and you have to be quarantined in hospital, t hat's why the hospital is overflowed, flooded, so m aybe you need to have people at home.
Also the healthcare centers, they do the vaccination and also the PCR testing, but I think it should be done at the local clinic, because everyone has their family doctors. It should be done there. Mr. Honjo said that even if you create a vaccine like this, there'll be a variant one after another. It's true. I see variants one after another, and the efficacy of vaccination, it will deteriorate, m aybe we need to have a booster, to have a third shot. There's the fact that it does have a certain efficacy to a certain extent. What we need to do in the meantime is that we need to develop treatment drug. We are implementing or executing SOE, State of Emergency call. All this time, there's no effect, t here's not much effect.
I think it's great that there's Olympics at this time, because people can at least stay at home and watch TV. They don't go outside. That may be the best effect of Olympics so p eople are sitting at home watching TV. If you watch Olympics, you're touched. If you're Japanese, you know, they fight to win this medal, could be gold or it could be any other color, but I think it's great, and it's so touching, impressive, to see athletes compete for that. There are people who criticize, but I think it's great. I think it's good to see things like that, so it's good that we had Olympics. In principle, we can see economic activity resuming and recovering.
Once it recovers, we can see savings rate increase, because those people did not have that money to spend, the government kept giving subsidies and benefits, they kept saving money. Once the economy recovers, they will begin to use that. Once their consumption increases, there'll be more investment. This is the virtuous cycle which will continue, I hope, within the next two or three years. In Japan, like I said before, we're behind, we're lagging. Our business activity guidelines going forward is that we will, first of all, have our employees vaccinated. We had 12,000 employees or so, starting from June 21st, being inoculated, and I think most of them will complete the second round. We have come to the stage where the second inoculation is almost complete. What we plan to do is to do tests.
We will use our hospitals to thoroughly implement tests. I'm so glad we built a hospital. Those group employees who have completed the second inoculation, after two weeks, they will go through antibody tests to see whether they have been able to build antibody or not. If you don't have an antibody, we will tell you, "You don't have an antibody, so please be careful, and please go get an antibody test every so often." That's what I plan to do, and, o f course, vaccination, t his is for people. It's voluntary basis. If you're opposed to it, that's fine. That's your choice. Why? Because every time there's a variant, that person will be infected, unless he or she has strong immunity. If you get infected, it has the same effect as vaccination.
Maybe you had one infection, and you can have vaccination, and then that would give you a really powerful immunity. Because there's a lot of young people, and it doesn't get severe for them, we don't need to control it. We don't have to make it mandatory. If you are over a certain age, we see people in their 50s getting a severe case of COVID because of Delta, because D elta variant causes your lung to be completely white very rapidly, and you have to switch to artificial ventilator or oxygenator. It's easy to get severe quickly. What's important is that you need to do timely and appropriate PCR tests in a timely and appropriate manner and identify infected person with those who are not.
These are the things that we need to carry out on principle in order to carry out our business activity aggressively, so t hat's the end of my talk. Thank you very much for your kind attention.