GMO Internet, Inc., GMO CLICK Holdings, Aozora Bank, and Aozora Trust Bank entered into discussion last June regarding the joint establishment of an Internet bank. Following their press releases on June 29, 2015 about commencing discussions on Joint Venture Internet Bank, the parties are considering a next generation Internet banking business jointly operated under Aozora’s wholly-owned subsidiary, Aozora Trust. The latest announcement outlined current status of the discussion.
As “FinTech” has been attracting considerable attention in the financial industry, FinTech services leverage information technology to provide enhanced convenience in finance-related businesses, and the trend towards offering financial services that extend beyond the existing framework has gained momentum, they explained in the press release.
Through this planned partnership, they aim to offer new attractive financial services by taking advantage of the innovations derived from integrating finance and technology. Specifically, the joint venture will leverage GMO Internet Group’s business platform and extensive experience and expertise in Internet technology and Aozora’s longstanding experience and expertise in the banking business.
GMO and GMO CLICK Holdings are considering a stake in Aozora Trust, and upon becoming shareholders plan to join existing shareholder Aozora Bank in running the Internet banking business.
The parties aim to commence Internet banking operations during Fiscal Year 2017, subject to the completion of necessary procedures including obtaining approval from relevant authorities.
(Source: GMO Internet Group )
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