Japanese Retailer to Launch Banking Services
A major Japanese convenience store wants to expand into the finance industry and is set to apply for a banking license. The move is a sign that pressure is mounting on the traditional players in the industry.
Convenience store Lawson is set to apply for a banking license in Japan, the company said in a statement on its website. The name of the new business will be Lawson Bank.
The store plans to gain new customers by extending the range of financial services through its national network of 14,000 outlets. A part of its planned offering are deposits for individual customers as well as credit cards. The group is already operating a cash-point business.
Competition for Banks
Lawson has established a preparatory company that secured a loan worth 130 billion yen in loans from a syndicate of banks led by Bank of Tokyo-Mitsubishi UFJ.
Tech giants including Amazon, Apple, Tencent and Alipay have emerged as a major immediate threat to banking as we know it. However should the Lawson Bank model succeed, banking will receive yet more competition.
