Sumitomo Mitsui Financial Group has announced a new service that allows online bank transactions, card payments, insurance, and asset management to be used in one app.

It is possible to accumulate and use points through the app, and the competition to acquire customers for the "point economy zone" is likely to intensify.

With the new app, you can centrally use financial services such as bank account management, transactions such as transfers, card payments, asset management, and insurance contracts.

Depending on the usage amount, the group's "V points" can be accumulated and used for shopping at stores and stock purchases.

A new card that integrates the functions of a cash card, credit card, point card, etc. will also be issued and linked with the app.

The company plans to integrate V points with Culture Convenience Club's "T points" by April next year, and wants to accelerate the expansion of the "point economic zone" by providing a wide range of financial services through apps.

Sumitomo Mitsui Financial Group President Jun Ota said, "In the future, we will expand cooperation with external companies, provide a platform that allows all financial transactions, and connect it with points. We want to change the common sense of financial services. ' said.

In terms of point services, Yahoo!, LINE, and PayPay are collaborating with beverage and daily necessities makers to start new services starting next month, and competition among companies is intensifying.