The Financial Reconstruction Commission said Tuesday it has formally approved a plan by a consortium led by Sakura Bank to form an Internet bank — the first to be licensed for Web-based banking services.
Japan Net Bank plans to start operations Oct. 12, consortium officials said.
The Web bank will allow computer users to pay for goods and services from their deposits held at the bank and accept online loan applications from individual customers.
Clients of the Web bank will use Sakura’s nationwide network of automatic teller machines to deposit money in their Web accounts or to collect loans, if approved.
Sakura executive Yoshiyuki Miyai is expected to be named president of the bank, the officials said.
Sakura, one of Japan’s nine major commercial banks with nationwide branch networks, will own 50 percent of the bank, with the remainder of the capital coming from firms such as Tokyo Electric Power Co., Fujitsu Ltd. and NTT DoCoMo Inc.
The consortium aims to have Japan Net Bank amass deposits of 1 trillion yen by the end of the third year of the bank’s operations, they said.
Ito-Yokado Co. and Sony Corp. are also preparing the necessary documentation for FRC approval of their plans to set up an Internet bank.
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