GMO Internet announces launch of next-generation Internet banking business

Maria Nikolova

The aim is to provide new financial services through the integration of finance and information technology.

The next generation of financial services companies, which integrate novel tech means into more traditional services, is gradually growing in scale.

In line with earlier announcements, GMO Internet Inc. (TYO:9449) and GMO Financial Holdings today unveil the launch of a new Internet banking business. The new business is launched by GMO Aozora Net Bank, in which GMO Internet, GMO Financial Holdings jointly invest with Aozora Bank.

GMO Internet Group and Aozora Bank Group have been preparing for the launch of a next-generation Internet bank with Aozora Trust Bank (which has been renamed to GMO Aozora Net Bank) as a platform since July 2016. The aim is to offer new financial services through the integration of finance and information technology, responding to the further development of IT and changes in the users’ actions and preferences. The new business seeks to respond to developing consumer demands by leveraging high-level security certificate, the blockchain, AI, IoT, and next-generation media.

In a brief notice accompanying the launch, GMO Internet said that although the impact of the particulars of the disclosure on the consolidated business performance for the year ending December 31, 2018, is insignificant, the company believes this new business has a high potential for increasing corporate value in the future.

Internet banking services will be provided to corporate and retail customers of GMO Internet Group. These will cover products developed with partner securities firms and ones tailored for e-commerce businesses, based on core banking services such as deposit and exchange. The open banking strategy will focus on the development of a platform for financial services by utilizing Open API and forming alliances with FinTech firms, through partnering with various web services.

GMO Internet Group is actively pushing into new business areas in addition to existing businesses with GMO Financial Holdings. In May last year, GMO Coin – a virtual currency trading platform, was launched. In December last year, GMO Internet set up a cryptocurrency mining business through its European legal entity.

Read this next

Retail FX

Texas Slaps Forex Scam with Cease and Desist Order

The Texas State Securities Board (TSSB) is following through on its promise to crack down on online trading fraud.

Industry News

JPMorgan Chase to open its UK neobank next week

JPMorgan Chase, the biggest US bank by total assets, will next week launch its City’s digital-only bank, which offers a range of savings and loan products under its ‘Chase’ brand in the UK.

Retail FX

TIOMarkets UK reports $78,461 in 2020 revenues

TIOmarkets’ FCA-regulated entity reported its financial results for the year ending December 31, 2020. The company posted a revenue figure that was nine times the amount it reported in the fiscal year of 2019.

Technology

Equiduct deploys big xyt’s data analytics for equity market structure

“Banks, asset managers, exchanges and market participants across the globe consistently rely on big xyt as an independent reference for equity market structure”.

Retail FX

BDSwiss partners with PayRetailers to address payment landscape in LATAM

PayRetailers’ suite of payment options via single seamless API integration will be available for BDS Markets Ltd. only.

Digital Assets

Coinbase applies for NFA license while awaiting SEC lawsuit

A license from the National Futures Association (NFA) would open the door to cryptocurrency derivatives trading.

Industry News

Euroclear acquires MFEX to enhance offering for fund distributors and fund managers

This transaction brings together two highly complementary businesses.

Industry News

Madoff Victim Fund sends $568 million to 31,000 victims of Ponzi scheme

Bernard L. Madoff used his position as chairman of BLMIS to steal billions from his clients.

Digital Assets

Revolut uses Bitcoin to Pay for its office space

Revolut, the company that is looking to build a financial super app, has used bitcoin to pay for its largest office space in Dallas, Texas to the flexible workspace provider WeWork.

<