In Japan, the first entirely internet-based bank opened in October 2000. At the time it was commonly referred to as an “internet bank”. Subsequently, with the spread of smartphones, Japan’s traditional financial institutions (megabanks and regional banks) gradually started to offer banking service apps that enabled transactions to be completed entirely online.
More recently, some banks have begun working with securities and insurance companies to offer super-apps that allow users to not only access banking services, but also trade securities and purchase insurance.
As in other countries, digital banking in Japan became…
