Japanese Regulators Approve eBank

Share this article:
Japan's Financial Service Agency, the country's top financial regulator, has granted eBank Corp. a license to offer online banking services. This is the third such venture in Japan.

In March, eBank applied to regulators for a banking license to start operations. The bank aims to serve as an exclusively Internet-based specialist for the settlement of small payments. The company expects to be profitable within three years, hoping to turn a profit of 3 billion to 5 billion yen, or about $24 million.

The bank's largest shareholder is its president, Taiichi Matsuo, who holds 17.09 percent of the stock. Japan Telecom Co. Ltd. owns 5.68 percent. More than 50 firms, including Itochu Corp., Sumitomo Corp., Hitachi Ltd., Nippon Shinpan Co. and Mitsui Marine & Fire Insurance, own up to 5 percent each.

Online banks in Japan are expected to threaten traditional banking institutions because they can offer lower-priced services.

Share this article:
You must be a registered member of Direct Marketing News to post a comment.

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in News

Customer Centricity Is Spurring Marketing-Tech Investments

Customer Centricity Is Spurring Marketing-Tech Investments

A majority of marketers rank customer satisfaction improvements as paramount in the technology investment decisions.

Big, Bold Moves in the C-Suite

Big, Bold Moves in the C-Suite ...

JCPenney appoints Home Depot's Marvin Ellison as CEO; Harte Hanks and JWT add hitting power to their C-level benches

Campaign Comes to the States

Campaign Comes to the States

DMN's UK-based sister publication launches Campaign US