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KDDI and Bank of Tokyo-Mitsubishi UFJ Form Strategic Alliance for Mobile Internet Banking
KDDI Corporation
Bank of Tokyo-Mitsubishi UFJ, Ltd.
2006/04/26
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KDDI and Bank of Tokyo-Mitsubishi UFJ, Ltd. today agreed to jointly establish Japan's first mobile Internet bank (Shinginko, meaning 'New Bank'), subject to approval from relevant authorities. The 'New Bank' will combine and coordinate the infrastructure, business bases and know-how of the partners to offer previously unavailable financial services using mobile phones as a main medium.
The new service will be immediately available to the KDDI Group's 25 million subscribers and will allow users to quickly and easily open a new bank account, transfer funds using a mobile phone number, perform various transaction services for online shopping and Internet auctions, and take advantage of user-friendly consumer finance services. Also under consideration is a service that would allow mobile phones to be used in lieu of bank books.
In addition, the New Bank will study the possibility of providing services that link cell phones and PCs currently offered by KDDI, an industry leader in this field.
The two companies have already filed for patents on mechanisms for bank transfer and instantaneous openings of a bank account via cell phones.
KDDI and Bank of Tokyo-Mitsubishi UFJ will finance the project on an equal footing and plan to set up a company, as early as May of this year, which will later become the New Bank. The company will finalize details and, upon obtaining approval from the relevant authorities, will be transformed into the New Bank in the first part of fiscal 2007 and start providing services as early as possible.
Company overview
Company name |
KDDI Corporation |
Bank of Tokyo-Mitsubishi UFJ, Ltd. |
Business |
Telecommunications |
Banking |
Date of establishment |
June 1, 1984 |
August 25, 1919 |
Head office |
2-3-2 Nishi-Shinjuku
Shinjuku-ku, Tokyo |
2-7-1 Marunouchi
Chiyoda-ku, Tokyo |
President |
Tadashi Onodera |
Nobuo Kuroyanagi |
Capitalization |
141.8 billion yen |
996.9 billion yen |
Sales [1] |
3,060.8 billion yen |
2,143.6 billion yen (consolidated) |
Number of employees [2] |
Approximately 10,000 |
Approximately 35,000 |
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| [1] |
KDDI sales figure is from fiscal 2005 (April 1, 2005 - March 31, 2006).
The Bank of Tokyo-Mitsubishi UFJ sales figure comprises the combined operating gross income of the Bank of Tokyo-Mitsubishi and UFJ Bank on a parent-only basis for fiscal 2004 (April 1, 2004 - March 31, 2005). Sales of UFJ Bank include sales of its subsidiaries. |
| [2] |
The number of full-time employees at KDDI as of March 31, 2006. The number of employees at the Bank of Tokyo-Mitsubishi UFJ is the total number of employees at the two banks on a parent-only basis as of September 30, 2005. The number does not include those seconded to other companies from the two banks but includes those seconded from other companies. The number also includes local hires at overseas offices but does not include contracted workers or temporary staff. |
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