Japan's biggest banks to launch 24-hour money transfers

Jul 4, 2016

Japan's biggest banks to launch 24-hour money transfers

Sumitomo Mitsui Banking Corp., Bank of Tokyo-Mitsubishi UFJ and Mizuho Bank are planning to start allowing immediate money transfer services 24 hours a day. Sumitomo Mitsui said Monday it will start offering money transfer services between its accounts 24 hours a day, 365 days ...

Jun 25, 2016

China-led development bank approves first loans

A new Chinese-led development bank has approved its first loans and expects to suffer no impact from Britain’s vote to leave the European Union, the bank’s president said Saturday at its first annual meeting. The Asian Infrastructure Investment Bank, launched in January with 57 ...

Jun 15, 2016

SMBC to launch rice farming business in a first for Japanese bank

Sumitomo Mitsui Banking Corp. will this fall launch a company to farm rice, officials said Wednesday. It will be Japan’s first major bank to enter the agricultural sector. The banking unit of Sumitomo Mitsui Financial Group Inc. aims to improve agricultural productivity and expand ...

Japanese banks raise guard after ¥1.8 billion taken from ATMs

Jun 8, 2016

Japanese banks raise guard after ¥1.8 billion taken from ATMs

Japanese banks that lost some ¥1.8 billion ($16.5 million) when fake overseas cards were used at convenience store ATMs are scrambling to combat such fraud. Seven Bank, which operates ATMs in the 7-Eleven convenience store chain, halved its withdrawal limit to ¥50,000 from ¥100,000 ...

Citigroup touts global network to investors

Jun 6, 2016

Citigroup touts global network to investors

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Despite its withdrawal from Japanese retail banking more than a year ago, Citigroup sees good prospects for companies seeking business opportunities abroad and investors interested in global markets, the head of its Japan operations said. “All of the trends that you see in corporate ...

Cyberthieves exploit banks' faith in SWIFT transfer network

May 22, 2016

Cyberthieves exploit banks' faith in SWIFT transfer network

On Jan. 12, 2015, a message from a secure computer terminal at Banco del Austro (BDA) in Ecuador instructed San Francisco-based Wells Fargo to transfer money to bank accounts in Hong Kong. Wells Fargo complied. Over 10 days, Wells approved at least 12 transfers ...