Since late November, it has become easier for banks to enter businesses other than their main business, such as advertising and systems, and major banks and regional banks are actively embarking on new businesses.
The revised Banking Act came into effect on November 22, making it easier for banks to enter the advertising and system businesses on the premise of approval by the Financial Services Agency, and investing in local venture companies to revitalize the local economy. Regulations have been relaxed.
In response to this, Sumitomo Mitsui Financial Group established a new company in July in collaboration with a major advertising company.
The company distributes advertisements for products and services that users may be interested in on the bank's online banking app.
With a mechanism to earn commission income from advertisers, we aim to grow the advertising business into a new source of revenue while making use of the bank's network of business partners.
Yoshitaka Takano, president of the new company, said, "Advertising is an industry that seems to be far from banks, but it is meaningful for banks to work to meet a wide range of customer needs."
In addition, Mitsubishi UFJ Bank decided to acquire an IT company that supports the digitization of small and medium-sized enterprises, and Juroku Financial Group, a regional bank, established a subsidiary specializing in investment for local venture companies. Banks are actively working on new businesses in the wake of the revision of the law.