Sumitomo Mitsui Financial Group Inc.’s credit card unit is zeroing in on investments in the U.S. financial-technology sector, as Japan plays catchup to other developed economies in electronic payments.

Over the past two years, Sumitomo Mitsui Card Co. met with more than 500 U.S. so-called fintech companies and narrowed the list of potential targets for acquisitions or tie-ups to around 10, President Ken Kubo said in an interview. The unit, which bought a $10 million stake in Jack Dorsey’s mobile payments company Square Inc. in 2012, could spend up to ¥100 million ($830,000) on each deal, according to Kubo.

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