Japanese telecoms group KDDI Corp has teamed up with The Bank of Tokyo-Mitsubishi UFJ (MUGF) to launch an online banking service in a bid to retain customers in their respective competitive markets. The pair have been awarded a licence to set up the online bank, dubbed Jibun Bank (me bank). The 50:50 joint venture sees great scope in the service given the Japanese population’s unease about credit cards. Reuters reports that KDDI and MUGF are looking to sign up 2.4 million accounts – accessible via mobile phone – with deposits totalling USD9.27 billion by April 2010.

Source:telegeography