Japanese technology giant SoftBank Group and OpenAI are stepping up their partnership in artificial intelligence, setting up a 50-50 held company called SB OpenAI Japan

The 50-50 joint venture will begin offering the services first in Japan and establish a model for global adoption, the companies said Monday.

SoftBank Group CEO Masayoshi Son said on Monday he has agreed with OpenAI CEO Sam Altman to set up a joint venture in Japan to offer artificial intelligence services to corporate customers.The Japanese investment giant will also pay $3 billion annually to use OpenAI's technology across SoftBank group companies.