KDDI and Mitsubishi-Tokyo-UFJ Bank have jointly established the Mobile Net Bank Development Corp. in preparation for the two companies to launch their mobile ‘New Bank’. The entity has since been formalizing the business plan, finalizing products and services, and building the required core systems for the New Bank. Subject to approval from the appropriate authorities, KDDI, Mitsubishi-Tokyo-UFJ, and Mobile Net Bank have now agreed on the line-up of products and services and the commercial time frame for launch, which is scheduled to open midway through this financial year.
The New Bank (Shinginko in Japanese, meaning ‘New Bank’), will offer a full line-up of financial services oriented to individual consumers, capitalizing on the strengths of the mobile phone. More specifically, the New Bank will meet a wide range of individual customer needs by offering yen savings accounts, foreign currency accounts, stocks and investment funds (as broker), insurance (as distributor), card loans, credit cards, bank transfers, various settlement services, e-Money charging and other services.
The New Bank will also offer services only possible through a mobile phone, such as making bank transfers to parties selected from users address books, logging-in directly from the main phone screen, and checking trading history on the phone screen. Via: JCN.