Feeds

Sony set to get green light on e-bank by 31 March

The man from the Japanese regulator, he say 'yes'

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Sony should find out whether it will be allowed to set up its own e-bank by 31 March. That's the date by which Japan's banking regulator must announce whether it has granted the company a licence that allows it to offer consumer credit and savings services. The consumer electronics giant's plans to break into the Internet banking sector have been known for some time, but specifics have been few and far between. However, with a regulatory statement so close, more details are emerging. According to a Sony spokesman, interviewed by Reuters, the company expects to offer Japanese customers a full range of retail banking facilities, including bill paying, loans, savings and mortgage provision. Sony hopes to build up a whopping $9.3 billion in deposits over the next five years. The bank will operate solely on the Net. Sony is believed to be talking to Japanese retailer Ito-Yokado, which operates the country's Seven-Eleven franchise, to allow its customers to use Ito-Yokado's ATM network. Ito-Yokado too wants to set up a bank, though one with fewer facilities than Sony's, and will also hear whether it has been granted a licence to do so by the end of the month. The Sony spokesman told Reuters that speculation that Sony and Ito-Yokado are talking was unfounded. However, with Sony already working with Japan's Seven-Eleven chain to install Net access terminals through which customers can order PlayStation games, DVDs and CDs, it seems unlikely that some discussion of other areas of co-operation haven't taken place. The idea behind the Net-based order system is that customers collect and pay for their goods at their local store, so clearly some sort of financial co-operation has to take place between Sony, Seven-Eleven and the schemes other retail partners. Extending that co-operation to banking facilities is an obvious move. Japan's banking regulator is unlikely to reject Sony's licence application, thanks to the countries moves to deregulate the banking industry. Similar freedoms in other nations, such as the US and the UK, could see Sony quickly moving to extend its coverage overseas. ®

Related Story

Sony to launch e-money scheme

Website security in corporate America

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Bono: Apple will sort out monetising music where the labels failed
Remastered so hard it would be difficult or impossible to master it again
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.