The first online bank in Japan has been launched, the services of which can be used only in smartphones. It works on the Google cloud

In mid-April 2021, it became known about the launch of Japan's first online bank Minna Bank, its services can be used only through a mobile application. Officially, Minna Bank will begin to provide services in May 2021 after the company receives a banking license from the country's Financial Services Agency (FSA).

Minna Bank, which is wholly owned by the regional banking group Fukuoka Financial Group, is designed to support the country's development in the direction of digitalization of the financial sector and meet the needs of "digital aborigines." The Minna Bank service is designed taking into account the needs and characteristics of the "digital generation" - a segment traditionally underserved by the financial services industry. "Minna," translated from Japanese, means "everything" and demonstrates an ideology of openness to all. Using the Minna Bank mobile application, users will be able to open an account, deposit, make a transfer, withdraw funds around the clock and without a weekend.

The launch of the first online bank in Japan, the services of which can be used only in smartphones

The new bank will operate on the basis of the next generation banking system, developed in partnership with Accenture, it is based on Google Cloud. The main banking system is not only designed to manage Minna's retail operations, it will also be available to third parties who want to offer certain financial offers to customers or provide comprehensive banking services.

Minna Bank President Koji Yokota noted:

Together with our partners, we will offer our banking system as a service (BaaS). We built our system based on digital Aboriginal ideas and flexible API architecture, allowing everyone to create and offer built-in financial offerings. We are committed to becoming pioneers in this area and plan to provide this cloud banking system in Asia and other regions of the world.[1]

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