TOKYO – Minna Bank, Ltd. on March 26 has announced they have acquired a banking license on December 22, 2020 from the Financial Services Agency of Japan and will commence commercial operations in May 2021. A wholly owned subsidiary of Fukuoka Financial Group, Inc. (FFG, TOKYO:8354), Minna Bank represents FFG’s digital growth strategy.
As Japan’s first Digital Bank, Minna Bank’s services are designed to cater to the needs and sensibilities of digital natives – a segment traditionally underserved by the financial services industry. “Minna” means “Everyone” in Japanese and exemplifies the bank’s ethos of inclusiveness.
Its services are exclusively and entirely accessible by smartphone, where customers can easily open an account and deposit, withdraw and transfer funds 24/7.
Minna Bank will run on a next generation banking system developed in partnership with Accenture and running on Google Cloud. Running entirely on the public cloud – a first in Japan – the digital bank will deliver an entirely new and technologically advanced banking experience.
Its core banking system will not only run their retail operations, but will also be made available to third parties who wish to leverage the highly flexible system to power discrete embedded finance offerings or even run comprehensive branded banking services.
“Minna Bank’s mission is to ‘Deliver valuable connections to everyone’,” said Koji Yokota, President, Minna Bank, Ltd.
“Together with our partners, we will widely offer our banking system as a service (BaaS). We have built our system based on the ideas of digital natives and a flexible API architecture, making it possible for everyone to create and deliver embedded finance offerings. We aim to be a pioneer in this space, and plan to deliver this cloud native banking system to Asia and other regions of the globe,” he added.
“Minna Bank’s cloud-first approach provides human-centered products and services that deliver more value; Accenture is helping it deliver on the promise of technology and human ingenuity – allowing the bank to emerge as an industry leader,” said Alan McIntyre, head of Accenture’s global banking industry group.