Monex partners with Shonai Bank, Hokuto Bank over financial intermediary services
The Japanese brokerage has entered into consignment agreements with the banks in respect of financial instruments intermediary services.
Japanese online trading company Monex Inc, a part of Monex Group, Inc. (TYO:8698), today announces that it has entered into consignment agreements with The Shonai Bank Ltd. and Hokuto Bank Ltd. over the provision of financial intermediary services.
Under the plans, effective February 12, 2019, Monex will start providing access to financial instruments including domestic stocks and financial services to the customers of Shonai Bank and Hokuto Bank. The move is set to allow the banks’ customers to manage their asset management through securities trading.
Using the newly launching financial instruments intermediary services, Shonai Bank and Hokuto Bank will act as an intermediaries to open consolidated securities trading accounts with Monex via Shonai Bank’s and Hokuto Bank’s websites. This allows the customers of the banks to buy and sell various types of financial instruments and use financial services provided by Monex.
Monex expects that its partnership with Shonai Bank and Hokuto Bank will stimulate the participation of more new individual investors in building and managing assets, leading to further expansion of the customer base of Monex.
This is not the first such partnership launched by Monex. In October 2018, the brokerage unveiled a partnership with The Shizuoka Bank, Ltd. over financial instruments intermediary service. Shizuoka Bank will solicit customers to open a general securities account with Monex through the bank’s website. This allows the bank’s customers to open an account with Monex via the brokerage’s website and deal with a wide array of financial products and services the online trading company offers.
