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.

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