Minna Bank, Ltd. today 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, 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. Minna Bank’s 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 – Minna Bank will deliver an entirely new and technologically advanced banking experience.
Minna Bank’s 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’. Together with our partners, we will widely offer our banking system as a service (BaaS),” said Koji Yokota, President, Minna Bank, Ltd.