By Yo Nakanishi
Yomiuri Shimbun Staff Writer
Mobile-only financial institution Minna Bank Ltd. is set to sell a core banking system to a mobile-only bank to be established by Mitsubishi UFJ Financial Group $(MUFG)$ Inc.
Fukuoka Financial Group Inc., Japan's largest regional bank group and owner of Minna Bank, announced the project on Tuesday. It will be the first time Minna Bank will sell a core banking system to an outside company. The agreed amount in the contract has not been disclosed.
Operating at a loss since launching in 2021, Minna Bank aims to become profitable by the fiscal year ending March 2028.
"The impact of being recognized by MUFG is significant," said an official of Fukuoka Financial Group in charge of the project. The official revealed the company's plan to reinforce sales activities of the core banking system to digital-related firms, banks and other companies in and outside Japan.
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This article is from The Yomiuri Shimbun. Dow Jones Newswires and The Wall Street Journal were not involved in the creation of this content.
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May 29, 2025 21:49 ET (01:49 GMT)
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