Japanese retail brokerage Monex, inc announced on Wednesday that it has formed a partnership with two local banks – Hokuto Bank and Shonai Bank. The deal will see Monex offering securities brokerage services to the two regional banks’ group of clients.
It’s the second time in the past few months that Monex has formed a partnership with a bank. As reported by Finance Magnates, the retail broker announced back in October that it would be providing brokerage services to clients of another smaller Japanese firm – Shizuoka Bank.
The new partnerships with Shonai Bank and Hokuto Bank are very much akin to that deal.
According to a statement released by Monex, customers of both banks will be able to easily access Monex’s brokerage services.
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Monex – not just FX
The statement issued by Monex indicates that customers will be able to access Monex through their own banks’ websites. The broker said that customers of both banks would, via their bank’s website, be able to both open accounts and start trading with Monex.
“We expect,” said Monex, “that the alliance with [the two banks] will stimulate the participation of more new individual investors than ever before in building and managing assets, leading to further expansion of the customer base of Monex.”
Though most of our readers will be familiar with Monex as a foreign exchange broker, the company does offer a range of other financial instruments to traders.
For instance, in its statement, Monex said that traders would be able to invest in Japanese domestic stocks. That may not sound too appealing but, for Japanese investors, it is more likely to whet their trading appetite.
The reason for that is simple – reports by Japanese exchanges and brokerages indicate that Japanese investors, both retail and institutional, prefer investing in Japanese equities and other financial instruments.