Shinhan Bank to Launch Japan's Digital Specialist Bank UI Bank in January
A Digital-Only Bank Implementing Cloud Banking System from SBJ DNX
[Asia Economy Reporter Park Sun-mi] Shinhan Bank announced on the 27th that UI Bank, a Japan-based digital specialized bank that adopted a cloud banking system from SBJ DNX, a subsidiary of SBJ Bank, a local subsidiary in Japan, will open in January next year.
SBJ DNX is a subsidiary of SBJ Bank established in April 2020 with the purpose of strengthening Shinhan Bank's IT development capabilities and promoting new digital and ICT-related businesses in the expanding digital finance market in Japan.
UI Bank is a digital specialized bank established by Tokyo Kiraboshi Financial Group in Japan. In June 2020, it signed a cloud banking system contract with SBJ DNX, began building the system for bank establishment, and obtained a banking license from Japanese financial authorities.
SBJ DNX built UI Bank's cloud banking system centered on a core banking system, mobile banking, and open API platform that have been operating in the Japanese financial market for over 10 years. It also provided various consulting services such as digital business strategies, actively supporting UI Bank's acquisition of the banking license and the launch of customer services.
Going forward, SBJ DNX plans to advance digital technology-based non-face-to-face banking services together with UI Bank and promote a BaaS (Banking as a Service) business model that links various external platforms through API methods.
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A Shinhan Bank official said, “The opening of UI Bank based on SBJ DNX's cloud banking system is a significant achievement proving Shinhan Bank's digital and ICT technology competitiveness in the global market,” adding, “Considering that the top priority for financial companies in Japan is the efficiency of high-cost banking systems, starting with the opening of UI Bank, we plan to actively expand digital business in the Japanese financial market through SBJ DNX's technological capabilities.”
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