As we reported in March GMO Internet had ongoing discussion about joint establishment of an internet bank with Aozora Bank, on May 27, 2016, GMO Internet disclosed that the company executed a Memorandum of Understanding with Aozora Bank and Aozora Trust Bank under which the companies plan to jointly operate a joint Internet bank through Aozora Trust.

The internet bank’s concept is to bring new experiences and efficiencies to customers with simple and high-function of collaboration of banking and IT services. Specifically, it will provide following services and developments.

  • Low-cost banking services that are linked to ecommerce builder or payment services offering improved productivity for small and medium enterprises including ecommerce businesses.
  • IT driven banking/securities services for individuals that offer smart, cutting-edge functionality in conjunction with GMO CLICK Securities.
  • A partnership that is not only limited to GMO Internet Group and Aozora Group, but quickly develops unique services through alliances with external FinTech corporations.
  • Employ advanced technology in Internet services and systems in order to provide low-cost services and aim to maintain costs as low as possible.

The parties will continue with detailed discussions and negotiations with a view to signing an agreement concerning the join operation of a net bank. They plan to execute the final agreement by the end of June 2016.

(Source: GMO Internet )

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