Japan’s first digital bank to start operations this May

It’s a wholly-owned subsidiary of Fukuoka Financial Group, Inc.

Minna digital bank

Japan’s first digital bank to start operations this May. Source: businesswire.com

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.

Minna Bank’s mission is to ‘Deliver valuable connections to everyone. Together with our partners, we will widely offer our banking system as a service (BaaS). 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. We aim to be a pioneer in this space and plan to deliver this cloud-native banking system to Asia and other regions of the globe
Koji Yokota, President, Minna Bank, Ltd.

We’ve reported that the Bank of England unveiled the design of a new polymer banknote.

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