JAPAN’S FIRST DIGITAL ‘BANK FOR EVERYONE’ STARTS COMMERCIAL OPERATIONS IN MAY

 KUALA LUMPUR, March 26 (Bernama) -- Minna Bank Ltd, the Japan’s first digital bank which acquired a banking licence last year-end, will commence commercial operations in May.

According to a statement, Minna Bank which means ‘a bank for everyone’ in Japanese, is a wholly-owned subsidiary of Fukuoka Financial Group Inc.

Minna Bank’s services are designed to cater to needs and sensibilities of digital natives - a segment traditionally underserved by the financial services industry.

The services are exclusively and entirely accessible by smartphone, where customers can easily open an account and deposit, withdraw and transfer funds 24/7.

Minna Bank will run on a next generation banking system, developed in partnership with Accenture and running on Google Cloud.

Running entirely on the public cloud (a first in Japan), Minna Bank will deliver an entirely new and technologically-advanced banking experience.

Minna Bank’s core banking system will not only run their retail operations, but also be made available to third parties wishing to leverage the highly flexible system to power discrete embedded finance offerings or even run comprehensive branded banking services.

“We have built our system based on the ideas of digital natives and a flexible API architecture, making it possible for everyone to create and deliver embedded finance offerings,” said Minna Bank Ltd President, Koji Yokota.

Yokota added the company planned to deliver a cloud native banking system to Asia and other regions of the globe.

-- BERNAMA