The government's Financial Reconstruction Commission will provisionally approve today a plan by a consortium led by Sakura Bank to form an Internet bank, making it the first to be granted a license to offer Web-based banking services, FRC officials said Wednesday.
Japan Net Bank envisions starting operations by the end of October, contingent on a final FRC endorsement, consortium officials said.
By teaming up with major Internet service providers, Japan Net Bank will enable computer users to pay for goods and services on the basis of their deposit accounts at the bank and also loan money to individual borrowers.