GMO Internet to mediate opening of yen-denominated savings accounts at GMO Aozora Net Bank

Maria Nikolova

GMO Internet launches an agency business of bank with GMO Aozora Net Bank as a principal bank.

Japan’s online giant GMO Internet Inc. (TYO:9449) continues to blur the lines between fintech and banking. The company has earlier this week announced the launch of an agency business of a bank. The agency business is launched with GMO Aozora Net Bank as a principal bank.

Technically, GMO Internet will act as an agent for GMO Aozora Net Bank. The online giant will mediate the signing of contracts for yen-denominated ordinary savings accounts.

This marks another step in the tie-up between GMO Internet and GMO Aozora Net Bank. In July this year, GMO Internet and GMO Financial Holdings unveiled the launch of a new Internet banking business by GMO Aozora Net 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 provide new financial services through the integration of finance and information technology, in response to the further development of IT and changes in the users’ actions and preferences. The new business seeks to answer 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.

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