GMO Internet marks progress regarding launch of new Internet banking business

Maria Nikolova

Effective today, Aozora Trust Bank has its name changed to GMO Aozora Net Bank.

Banks and novel technologies get more intertwined in today’s financial services environment. In line with previous announcements, Japanese online services provider GMO Internet Inc. (TYO:9449) is getting closer to the launch of a new Internet banking business. The company has announced that, effective today, June 1, 2018, the name of Aozora Trust Bank is changed to GMO Aozora Net Bank, Ltd.

This is one of the steps towards establishing the business, which harnesses the capabilities of GMO Internet and Aozora Bank. The new head office relocation has also been completed, the company has confirmed.

The start of the operations of GMO Aozora Net Bank is scheduled for July 2018.

The aim of GMO Aozora Net Bank is to provide new financial services through the integration of finance and information technology, responding to the further development of IT and changes in the users’ actions by leveraging the expertise of the respective companies.

Aozora Trust Bank’s decision to change its name was prompted by the need to highlight that it will provide “Convenient web-based financial services to customers through tie-ups between a bank and an IT corporation”. With regard to the trust business, which is an existing business of Aozora Trust Bank, the company will continue to offer services similar to traditional ones.

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 lines in addition to existing businesses with GMO Financial Holdings. About a year ago, virtual currency trading business GMO Coin, was launched.

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