It’s a wholly-owned subsidiary of Fukuoka Financial Group, Inc.
Minna Bank has announced it has acquired a banking license on December 22, 2020 from the Financial Services Agency of Japan and will commence commercial operations in May 2021.
Aсcording to the report, 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.
In Japanese, “Minna” means “Everyone” and exemplifies the bank’s ethos of inclusiveness. Minna Bank’s services are accessible by smartphone, where customers can open an account and deposit, withdraw and transfer funds 24/7.
Minna Bank will run on a banking system developed in collaboration with Accenture and running on Google Cloud.
Minna Bank’s core banking system will also be made available to third parties who wish to leverage the system to power discrete embedded finance offerings or even run comprehensive branded banking services.
We’ve reported that the Bank of England unveiled the design of a new polymer banknote.