Mizuho, Line Scrap Joint Bank Project
![](https://japannews.yomiuri.co.jp/wp-content/uploads/2023/03/mizuho.jpg)
Mizuho Bank, Ltd. building in Tokyo on April 7, 2021
10:30 JST, March 31, 2023
TOKYO (Jiji Press) — Mizuho Financial Group Inc. and messaging app provider Line Corp. said Thursday that they have abandoned their joint project to launch a new online bank due to delays in system development.
The Japanese banking group and the Z Holdings Corp. unit planned to offer next-generation banking services via the new bank, Line Bank, that allow users to complete all procedures on smartphones.
The two companies announced the project in 2018 and planned to open the new bank in fiscal 2020.
But they had postponed the scheduled opening to fiscal 2022 due to delays in the development of systems to prevent money laundering and improve user-friendliness.
A change in the environment surrounding the banking industry, including the spread of digital financial services, also prompted Mizuho and Line to scrap the project.
"Business" POPULAR ARTICLE
-
Japanese Companies Increasing Efforts to Hire Foreign Students; Firms, Local Governments Help Them Acquire Skills to Find Jobs in Japan
-
Japan’s Casio to Launch Durable Clothing Range Inspired by G-Shock Brand; Company to Debut Durable T-Shirt in Late August
-
Insufficient Rice Supply Hits Japan; Sever Heat, Rising Demand from Inbound Tourist Among Factors
-
Japanese Firm Hitachi to Release Vacuum Using AR That Turns Cleaning Into a Game; Stressful Cleaning May Become More Enjoyable
-
Sony to Open New Brand Complex Building in Tokyo’s Ginza Next Year; ‘Ginza Sony Park’ to Serve as Brand Hub for Entertainment Businesses
JN ACCESS RANKING