japan-net-bank-logoThe Japan Net Bank and a cloud service provider, freee formed a business alliance and started to offer a new lending service which conducts all processes on the cloud from October 25, 2016. Users of freee’s cloud-based accounting software are eligible to apply for the Japan Net Bank’s business loan.

The Bank’s business loan was launched in January 2015 and is non-face-to-face lending service for institutional clients and solo proprietors and they don’t need to disclose their financial statements.

freee-logoThrough the alliance, along with the traditional transaction lending, the bank is able to examine application and make lending decision utilizing the FinTech firm'’s user companies accounting data.

According to the bank, this is Japan’s first approach utilizing cloud-based accounting data for lending service. The new service allows freee’s user companies to easily apply loan online without typing basic information and accounting data of the company and without any collateral.

When applicants have bank account at the Japan Net bank, they could receive the result of the examination on the day and get loans on the next business day at the earliest.

(Source: The Japan Net Bank )

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