Japan’s GMO Internet Group, IT solutions, internet and financial financial services provider, announced the launch of GMO Aozora Net Bank, a blockchain-based internet bank. According to the official document provided by GMO, the new service is an outcome of partnership with Aozora Bank Group and is referred to as the “next-generation Internet bank”.
Back in July 2016, the project was revealed to the public. Aozora Bank will hold a majority stake of 85.1% in the joint venture. The rest of the stake is shared equally by GMO Internet and GMO Financial Holdings.
GMO stated that the main aim of the bank is to “to provide new financial services through the integration of finance and information technology, responding to the further development of IT and changes in the users”.
GMO Aozora Bank will lay emphasis on providing high level of bank experience to customers, while striving to become a leader among technology focused banks. The bank is implementing a high-level security certificate. Furthermore, its platform is powered by AI and blockchain. According to the Japanese language press release, the bank intends to provide low cost banking services to SMEs and retail clients. Both savings and deposit accounts will be offered with additional features.
The services can be accessed through mobile banking facility as well. Other facilities that are being planned to be offered are Visa debit card, foreign currency deposit accounts, option to trade in equity and Forex market via integration with the GMO’s subsidiary GMO Click Securities. GMO is also planning to develop a blockchain technology-based settlement system.
GMO stated the following regarding the demand for banking services.
“Through the application of blockchain technology, there is an increasing expectation for breakthroughs for safer and cheaper payments and financial services.”
The Tokyo-based stock exchange listed company provides a range of internet services namely, web hosting, ecommerce, security, cloud and payment solutions.
GMO Click Securities is the world’s largest online Forex broker. Last year, GMO established its own cryptocurrency exchange called GMO Coin. Furthermore, the company has also announced its plans to develop its own crypto currency mining machine.
Aozora, a commercial bank, has operations across Japan. Additionally, it has two representative offices in New York City, Seoul, Singapore, Shanghai, Jakarta. The bank also has financial subsidiaries in the Cayman Islands, Luxembourg, the United Statkes, Hong Kong and the United Kingdom.
