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
-
Aviation Fuel Shortage Causes Problems at Regional Airports; Growing Demand, Lack of Workers to Transport
-
Prices of over 10,000 Food and Beverage Items to Rise This Year; Figure is down from over 30,000 Last Year
-
Sony Group to End Production of Blu-ray Discs; Market Has Shrunk Due To Growth Of Hard Disk Drives, Streaming
-
AI-Equipped Energy Efficient Air Conditioners Grow In Popularity; Some Can Guess Users’ Moods, Automatically Adjust Temperature
-
Toyota to Introduce 4-Day Workweek for Some Employees; Company Hopes More Flexible Schedules Will Boost Worker Motivation
JN ACCESS RANKING