Monex, Inc., the retail brokerage of Monex Group, announced this Monday that it has concluded a consignment agreement with Tokushima Bank, Ltd. Under the agreement, the online trading provider will offer the bank financial instruments intermediary services.
As of today, the online securities broker now provides customers of the Japan-headquartered bank with access to a range of financial instruments, such as domestic stocks, bonds, and further financial services, the statement said.
As per the agreement, Tokushima Bank will encourage its clients to open consolidated securities trading accounts with Monex via its website. This will enable customers of the bank to buy and sell a range of financial instruments, as well as use the services provided by the Japanese broker.
“We expect that the alliance with Tokushima Bank 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,” the statement said.
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The deal between Monex and Tokushima Bank was made in cooperation with The Kagawa Bank, Ltd, an affiliate bank of TOMONY Holdings, Inc.
This is not the first partnership of this kind for Monex, as the broker entered into consignment agreements with both The Shonai Bank Ltd. and Hokuto Bank Ltd. These agreements were both regarding the provision of financial intermediary services.
The agreement is almost the exact same as the one announced by Monex today, with the securities broker providing access to financial instruments and services to the customers of Shonai Bank and Hokuto Bank.
Monex Inc Sees Slump in 2019
As Finance Magnates reported, the Group, reported a slump in its operations in Japan for the year ended March 31, 2019. Last year, the firm’s businesses in the east Asian nation reported total operating revenue of just over 29 billion yen ($267 million). This year that figure shrunk, by 11.3 percent, to 25.7 billion yen ($237 million).