KUALA LUMPUR – Minna Bank Ltd, Japan’s first digital bank that has acquired a banking licence, will commence commercial operations in May.
According to a statement, Minna Bank, meaning “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 the 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 hours a day.
Minna Bank will run on a next generation banking system, developed in partnership with Accenture and running on Google Cloud.
Running entirely on the cloud, Minna Bank will deliver an entirely new and technologically advanced banking experience.
Minna Bank’s core banking system will not only run retail operations, but also be made available to third parties wishing to leverage on 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 president Koji Yokota.
Yokota added the company plans to deliver a cloud-native banking system across Asia and other regions of the globe. – Bernama, March 26, 2021
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