GMO and Aozora Announce Plans to Enter the Japanese Internet Banking Market
by
Andy Traveller
The two companies seek to harness their capabilities to take advantage of the identified opportunity to provide internet banking services.
A leading Japanese internet group, GMO Internet, and Aozora Bank, are exploring a prospective strategic partnership, having identified opportunities to jointly operate an internet banking service.
GMO Group, the owner of the namesake internet services company, already boasts a raft of products and services ranging from internet infrastructure, online advertising and media to software and app development, as well as being the largest FX trading services provider for retail investors in Japan and the fourth largest securities trading services provider.
GMO’s established and comprehensive infrastructure would provide the technical foundations for a joint venture with Aozora Bank. The Japanese commercial bank is the successor to the Nippon Credit Bank, which was nationalised in 1998 after it collapsed under the weight of bad loans. Following its privatisation in 2001, it changed its name to Aozora Bank.
The talks with GMO are another indication of a stabilized and strengthened institution. Aozora just today announced that it has finished repaying the government bailout of 1998, seven years ahead of the planned 2022 deadline.
The joint venture internet banking service would allow the two companies to better exploit Japan’s mature retail banking market, which faces a number of headwinds; a sluggish economy, downward pressure on returns, a heightened regulatory environment and an exodus of foreign banks. As such, the new service would seek to evolve the retail banking model in a bid to improve suboptimal customer experience, which requires innovative, multi-channel business models for banks to remain competitive going forward.
In a press release, the two companies identified further trends in support of their idea; namely, the significant growth of smartphone users in Japan (which is expected to reach 89 million by 2017) and the expansion of the e-commerce market. Their conclusion: there are a “greater diversity of needs that are no longer being met by traditional banking services”.
Accordingly, the two companies seek to harness their capabilities to take advantage of the identified opportunity to provide internet banking services, vowing to continue talks to discuss the details and eventual roll-out of the joint venture.
“The Internet bank service is expected to operate under Aozora Bank wholly-owned subsidiary, Aozora Trust Bank Limited, and GMO Internet will also consider investing in Aozora Trust Bank Limited”, according to an online statement.
For more information about participating at our Summit or exhibiting and sponsorship opportunities, please email summit@financemagnates.com
A leading Japanese internet group, GMO Internet, and Aozora Bank, are exploring a prospective strategic partnership, having identified opportunities to jointly operate an internet banking service.
GMO Group, the owner of the namesake internet services company, already boasts a raft of products and services ranging from internet infrastructure, online advertising and media to software and app development, as well as being the largest FX trading services provider for retail investors in Japan and the fourth largest securities trading services provider.
GMO’s established and comprehensive infrastructure would provide the technical foundations for a joint venture with Aozora Bank. The Japanese commercial bank is the successor to the Nippon Credit Bank, which was nationalised in 1998 after it collapsed under the weight of bad loans. Following its privatisation in 2001, it changed its name to Aozora Bank.
The talks with GMO are another indication of a stabilized and strengthened institution. Aozora just today announced that it has finished repaying the government bailout of 1998, seven years ahead of the planned 2022 deadline.
The joint venture internet banking service would allow the two companies to better exploit Japan’s mature retail banking market, which faces a number of headwinds; a sluggish economy, downward pressure on returns, a heightened regulatory environment and an exodus of foreign banks. As such, the new service would seek to evolve the retail banking model in a bid to improve suboptimal customer experience, which requires innovative, multi-channel business models for banks to remain competitive going forward.
In a press release, the two companies identified further trends in support of their idea; namely, the significant growth of smartphone users in Japan (which is expected to reach 89 million by 2017) and the expansion of the e-commerce market. Their conclusion: there are a “greater diversity of needs that are no longer being met by traditional banking services”.
Accordingly, the two companies seek to harness their capabilities to take advantage of the identified opportunity to provide internet banking services, vowing to continue talks to discuss the details and eventual roll-out of the joint venture.
“The Internet bank service is expected to operate under Aozora Bank wholly-owned subsidiary, Aozora Trust Bank Limited, and GMO Internet will also consider investing in Aozora Trust Bank Limited”, according to an online statement.
For more information about participating at our Summit or exhibiting and sponsorship opportunities, please email summit@financemagnates.com
BGC Group's Q1 Net Income Surges 92% Driven by Geographical Expansion
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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