Japanese investment banking giant Nomura has announced plans to establish new financial innovation centre in San Francisco.

The new location will serve as a hub for global collaboration between the Japanese bank and Silicon Valley startups and venture capital firms.

“The new office is the latest initiative in Nomura’s ongoing pursuit of innovation, new business opportunities and global collaboration,” the company said in its press statement.

Through this new office, Nomura is planning to invest $100m in financial start-ups. San Francisco office will be led by Nomura’s former head of global finance for Asia excluding Japan, Neeraj Hora.

Nomura created a cross-divisional FinTech Committee in April 2015and has been focusing on maximising the use of both internal and external technology resources for its business strategy since then.

To further enhance the promotion and support of its businesses through innovation in financial services, the bank established a Financial Innovation Office in Tokyo in December last year.