Companies have agreed to establish a joint venture to start a discussion on making a new bank

Japanese financial giants to create a new bank. Source: shutterstock.com

LINE Corporation and Mizuho Financial Group Inc agreed to establish a joint venture through their subsidiaries, LINE Financial and Mizuho Bank. Subject to any required regulatory approval, the joint venture will start preparing to establish a new bank.

LINE Financial has decided to enter into the banking business, aiming to improve the usability of financial services and make money feel closer to customers. In its turn, Mizuho aims to pursue better use of technologies and to provide convenient financial services to a broader customer base by offering an open platform for third parties, utilizing its financial expertise. The new bank is expected to provide services that are more appropriate to customers, especially to the smartphone generation.

By fully utilizing the over 78 million monthly active users base and sophisticated UI/UX of LINE and Mizuho’s financial expertise, the new bank, linked to LINE app, will provide a smartphone based banking services which are easy to use and approachable.

Other matters, including company information of the new bank, details of the service, and actual schedule, will be examined at the joint venture and announced when determined.

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