Internet banking services introduced in Japan

[img_assist|nid=8373|title=|desc=|link=none|align=left|width=100|height=79] A round the clock Internet bank called Jibun Bank or "me bank" is being created under the partnership of KDDI Bank of Tokyo-Mitsubishi UFJ. This 50-50 venture is expected to start in the middle of July.

In the beginning customers will be able to pay online via their cell phones or PCs. Later the founders are planning to introduce such services as loans, insurance and credit card. They are going to accumulate 2.4 million accounts and deposits, bringing 1 trillion yen ($9.27 billion) in the fiscal year starting April 2010. And within the next two years 3.4 million accounts and 1.5 trillion yen in deposits are expected to be gained by the bank.

KDDI consumers won’t be the sole customers of the online bank. Some other mobile networks like NTT DoCoMo and banks like Softbank will provide their customers with the service as well.

Half of the banks income is expected to come from fees and another half will be out of investments on deposits as bank president Masato Nakai says.