Monex, Inc. (Monex), a retail brokerage, announced this Friday that it has inked a financial instruments intermediary service agreement with The Shizuoka Bank, Ltd. This means that the broker will start to offer financial products and services to clients of the bank – which includes domestic equities – as of Friday.
Monex is one of the retail brokerages owned by Monex Group, a Tokyo-based financial services company. The group also operates TradeStation, Boom Hong Kong, and cryptocurrency exchange Coincheck.
The deal between Monex and Shizuoka Bank is the result of a capital and business alliance between its parent company and the bank, and it will launch the services as part of the collaboration.
To promote the financial instruments intermediary services, Shizuoka Bank will encourage its customers to open a general securities account with the broker, which will be achievable via the bank’s website. This means that customers will have access to the financial products the retail broker has to offer through their bank.
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From this partnership, Monex believes that it will be able to expand its customer base – which can be assumed is the firm’s main aim. In recent months, the company has been going through a number of changes.
Monex Experiences Structural Changes
In September, Finance Magnates reported that the broker was going through a number of organizational changes – to be implemented on October 1, 2018. Specifically, the broker established a system development division. It also removed its systems department from its operations division. Instead, it placed this unit in the newly created system development division.
The firm also split its client account department under its customer services division. This was separated into a customer service planning office and the Hachinohe operation center.
As a result of the changes, the firm also announced a series of executive moves within the firm. This saw Atsushi Yasuhara, who has been an Executive Director at the company since October 2010, appointed to the Head of System Development Division.