UI Bank Co., Ltd. (formerly known as Kiraboshi Digital Bank Co., Ltd.)

UI Bank Co. , Ltd. is an internet-only bank founded by Tokyo Kiraboshi Financial Group (hereinafter referred to as Tokyo Kiraboshi FG). It specializes in smartphone services and provides highly convenient digital banking. The service began on January 17th, 2022.

overview

UI Bank was announced to be established in October 2020 as part of Tokyo Kiraboshi FG's Digital Transformation strategy. The main target is individual customers who are used to using smartphones but are unable to master traditional Internet banking. Additionally, the company provides support to users who have the need for financial consultations but are unable to visit financial institution counters during the day, using online chat and other means.

When the company first opened, it specializes in deposit business, and borrows the collected deposits to Kiraboshi Bank. Furthermore, through collaboration with Kiraboshi Bank, the company aims to provide advanced financial services that combine both face-to-face and non-face-to-face. Through these efforts, the company aims to open 400,000 accounts.

History

Establishment and preparation stages

The original business name was "Kiraboshi Digital Bank Establishment Preparatory Company," and Tanaka Toshikazu, director and executive officer of Kiraboshi Bank, was appointed as the president of the preparatory company. The capital at the time of its establishment was 450 million yen. In April 2021, it was announced that the official trade name after its opening will be "UI Bank."

In June of the same year, Tokyo Kiraboshi FG Chairman Ajioka Katsuzo retired and became chairman of the company's CEO of the company that has prepared to establish a Kiraboshi Digital Bank. On December 3rd of the same year, it was announced that the preliminary examination of the banking license based on the provisions of Article 4, Paragraph 1 of the Banking Act, which had been applied to the Financial Services Agency, had concluded, and in response to this, the company name was changed to "UI Bank Co., Ltd." on the same day.

On December 17th, the Bank of Japan announced that it would officially obtain its banking license, and on the same day, the Bank of Japan announced that it would begin current account transactions with UI Bank from December 24th.

Opening

The banking system began operation on January 4th, 2022. On January 17th, a smartphone-only app was released and services for depositors began in earnest. At the opening ceremony held on the same day, plans were announced to aim for 270,000 to 300,000 accounts and a deposit balance of approximately 450 billion yen in three years.

Features

Smartphone-specific service

UI Bank is designed as a dedicated Internet bank, focusing on smartphones, and does not have a traditional banking counter and can complete all transactions online.

Adopting a cloud banking system

uses a cloud banking system developed and operated by SBJ DNX , a subsidiary of SBJ Bank, a subsidiary of SBJ Bank, a subsidiary of South Korea's Shinhan Bank Tokyo Kiraboshi FG has also signed a consulting agreement with SBJ DNX regarding the formulation and promotion of DX strategies.

Collaboration with Kiraboshi Bank

As a member of Tokyo Kiraboshi FG, UI Bank operates its operations in close cooperation with Kiraboshi Bank. When the company first opened, it mainly engaged in deposit work, and by lending the funds it has collected to Kiraboshi Bank, the financial functions of the entire group are strengthened.

Future outlook

aims to open 270,000 to 300,000 accounts within three years of opening In addition, we are aiming to further advance digital banking, and while strengthening the fusion between face-to-face and non-face-to-face, we are working to develop as a "comprehensive service industry that is strong in finance."

Origin of line names

The thoughts that are put into the business name of "UI Bank" are "UI" at UI Bank are "UI" which means "I want to cherish connections between people and connect with others."