Vol.2 : A relationship among equals where we can talk frankly:
Aiming for a “mutual win” in negotiations
Xross Talk with Yuko Seimei, CEO, Monex Group

Since our founding, Monex Group has continuously grown through M&As and alliances that have brought in a wide variety of partners. At the forefront of this effort has been Yuko, who has realized numerous important partnerships. Having forged her career with M&A advisory and investment work, one principle she has consistently maintained even in the most intense negotiations is her respect for the other party. 

“The goal is a mutual win that brings out the best in both sides  and creates sustainable synergies.” Xrossing’s Editorial Team speaks with Yuko about her flexible approach to co-creation as a way to pave the way for Monex Group’s future.

― Even before becoming Group CEO, you gained extensive front-line experience in M&As.

　Yes. In my previous roles, I gained a tremendous amount of experience making decisions on numerous M&A deals.

― Today, Monex Group encompasses a diverse range of businesses and group companies as a result of alliances you have built, some of which have surprised the market. During the tough negotiations to realize these alliances, what was your most important consideration?

　When people think of M&A negotiations, they probably imagine a world of sophisticated maneuvering and cold logic, but I see it very differently.
　To me, M&As are not a game of competing over technical superiority. The most important thing is to carefully build a relationship of genuine trust between people and companies that goes beyond mere logic. I think it is a process that involves respecting each other’s strengths and cultures so that 1+1 equals 3 or even 4.

　In business negotiations, the ideal outcome we strive for is to find a point where we can achieve a mutual win.
　We take the time and patience to find the point where both we and the other party can say, “We made some concessions but were able to fully protect the core values that mattered most.” I am committed to achieving the fine win-win balance where each side can feel that the outcome was a positive result for the future of our respective organizations.

　If both sides can find a common ground that respects the other party and the identities each side wants to treasure, then that relationship can generate exceptional synergies long into the future. 

　I think Coincheck joining the group in 2018 is a perfect example of the kind of ideal win-win relationship we want to create.

― At the time, many considered it a bailout by a major company.

　For us, it was never a simple bailout but rather a deliberate decision to welcome an important partner whose presence we truly believed was essential to the future of Monex Group. At the time, Monex Group was pursuing what we called our “new beginning” by opening the future of finance with new technologies, such as blockchain. Coincheck had already established a presence at an early stage and had high brand recognition, advanced technological capabilities, and a strong customer base of primarily younger generations. Given this, Coincheck stood out as a truly unique partner with whom we felt we could build a future with.
　Our goal was never to absorb and change Coincheck, but rather, to fully respect their culture and strengths while enhancing their risk management and governance expected of a financial group, so that both sides could realize their full value.
　Since then, I am very proud and happy that Coincheck has continued to grow, and subsequently, Coincheck Group N.V., which has Coincheck as its core operation, listed on the U.S. Nasdaq Stock Market in 2024.

　It goes without saying that M&As and alliances are not something I can accomplish on my own.
　Behind every decision I make are team members who support me and work tirelessly during the toughest of times by meticulously fine-tuning the terms and conditions, conducting detailed data analyses, and running every possible simulation to bring the deal to fruition. Their professionalism and sense of speed give me a great sense of confidence and pride as a leader. 

　All our members are able to align their efforts toward a common goal and fully understand their respective roles. At the same time, they completely trust each other and work together with remarkable precision. This uniquely Monex quality of collective team strength and perseverance, where we continue to search for answers without ever giving up, is precisely why we are able to move forward even during the most difficult of projects. 
　This team strength provides the foundation for creating the group synergies that we strive to achieve.

― When welcoming a new partner into the group, what approach do you consider important?

　Being “flat.” In other words, not allowing differences in company size, capitalization, or revenue to create a hierarchy. 
　Generally speaking, there is often an invisible superior-subordinate dynamic where the company providing the capital assumes a position above the company being brought into the group. But in this environment, new innovation and a true sense of co-creation can never emerge.

　From our very first conversation with a new group member, I focus on how we can bring together our respective strengths and resources to contribute to society and provide value as one group, as a “we.”
　We work to bring together our collective wisdom toward a common goal while fully respecting our respective independence and individuality. I want to spend most of my energy building this type of relationship because I believe it will bring out Monex Group’s unique diversity of strengths and create synergies.

― There must have been more than a few difficult cases where discussions reached an impasse before the deal was concluded. Did that subsequently affect your relationship with the other party?

　Even with someone I engaged in intense discussion with in the midst of negotiations, I am still able to go out for a drink and laugh with them afterward without any grudges. That’s because for me, personal relationships and professional roles are two totally separate things. 
　When interests collide in the midst of negotiations, I interpret that as proof that both sides are taking their respective roles seriously as professionals. We never disrespect nor dislike the other party.
　That is why no matter how heated the negotiations, once the meeting is over, we can smile and acknowledge each other’s hard work. That, to me, is a healthy type of relationship.

― How is that “flat approach while staying true to your roles” put into practice in actual situations?
 

　The approach I am talking about today is not limited to top management. It is an approach I want each and every member of our team to consciously use in their day-to-day work when interacting with other departments, clients, and partner companies.
　When there is a difference of opinion between two departments in the company, many people are quick to frame the situation in black-or-white terms, as in which side is above the other or who is right. But every person has a different role so differences in opinion are natural. In fact, this is where real conversation begins.
　With a sincere sense of responsibility regarding our own role, we should speak frankly. However, we must never forget the importance of respecting the other party’s role and feelings.
　If all of us at Monex can work with this flat approach, we can maximize our respective strengths and build a truly sustainable partnership even if we have different cultures and backgrounds. 
　This is a challenge not for me alone, but one I want to tackle together with everyone for the future of Monex.