Sony Bank Inc. has launched an English-language version of its online banking service, aimed at providing foreign residents in Japan a hassle free way to conduct everyday financial transactions, according to a press release.
The service allows customers to deposit foreign currency and Japanese yen, money transfers involving foreign currency and offers customers a Sony Bank WALLET, which is a debit card that pays cash back for purchases in Japan, allows at least four fee-free ATM withdrawals per month and has tap-to-pay functionality.
More than 2.82 million foreign residents lived in Japan as of June 2019, an increase of 7.3% from the prior year, the company said in the release, citing data from Japanese government figures.
Sony Bank cited data from its own survey of foreign residents showing 60% were dissatisfied with regular banking procedures in Japan, including complicated paperwork, hanko procedures (a personal seal that is used to confirm identity) and a lack of language support.
The bank also noted the research showed that foreign residents wanted access to an online service where they could get an account without having to go to the branch in person to conduct business. The new service uses OCR technology for rapid onboarding of new account holders.
Cover image: Sony Bank