The Daily Manila Shimbun


Government Committee to back Japan Post Bank’s unsecured loan biz

June 11, 2017

Tokyo- The Japanese government's postal privatization committee sees no problem allowing Japan Post Bank to newly launch the unsecured loan business for individual customers, informed sources said Saturday.
The committee, chaired by Kazumasa Iwata, head of the Japan Center for Economic Research, will officially adopt the view as early as Wednesday and present it to Internal Affairs and Communications Minister Sanae Takaichi and Financial Services Agency Commissioner Nobuchika Mori, the sources said.
Given the committee opinion in favor of the loan business start sought by the banking arm of Japan Post Holdings Co., the internal affairs ministry and the FSA will begin talks with parties concerned with a view to giving the go ahead.
In 2008, the postal system financial institution was permitted to undertake credit card and housing loan operations. Since then, no new business has been granted.
Japan Post Bank aims to lend up to 500,000 yen to a depositor without taking collateral, according to its new business application made in March. Specifically, it plans to automatically cover deposit balance shortages caused by, for instance, electronic withdrawals for payment of utility bills. (Jiji Press)