Japan

Despite attracting $2 billion in deposits, the cloud-native unit proved too expensive to maintain, prompting a strategic retreat by parent company SMBC.

Between 2021 and 2025, the Japanese bank SMBC has raised its stake in the U.S. investment firm from 4.5% to 20%.

Morgan Stanley said it expects to record its highest-ever income from Japan as bets on a shift in the nation's monetary policy fuel a trading revival.

It's a challenge Japan's largest lender must overcome as it focuses on growing its corporate banking presence in the US, said Fumitaka Nakahama, the firm's head of global corporate and investment banking. 

Japan is one of the most cash-centric of all developed nations, with about 80% of consumer transactions conducted with paper or coins, but the pandemic triggered some shifts that Adyen wants to capitalize upon.

Despite Japan being a heavily cash-based economy, e-commerce has created significant opportunities for banks and mobile wallet providers.

Rakuten Inc. plans to raise 242 billion yen ($2.2 billion) by selling shares to investors including Tencent Holdings Ltd., Walmart Inc. and Japan Post Holdings Co., bankrolling expansions into AI, finance and mobile.

Japan has long been known for its heavy use of cash, which is a burden for banks that are trying to move more services online. Maintaining ATMs alone costs about 700 billion yen ($6.6 billion) annually and another 100 billion yen is spent handling cash at branch counters, Nomura Research Institute estimates.

Despite a culture of innovation, cash is still king in Japan. That paradox gives Japan a chance to leap ahead of other countries in payment innovation, says Fime's Takahide Kadoyama.

Chinese e-commerce giant JD.com Inc. said it plans to spin off its JD Logistics shipping business in a listing on the Hong Kong Stock Exchange.

Moscow-based JSC Post Bank has established a merchant acquiring agreement with JCB International to allow JCB cardholders to withdraw cash from all of the bank's ATMs and make payments at Post Bank point-of-sale terminals in Russia.

JCB International has entered an acquiring partnership with Riyad Bank to enable acceptance of JCB cards at merchant terminals and ATMs throughout Saudi Arabia.

Mercari Inc. wants to become the top provider of mobile payments in Japan even as its biggest rivals join forces, but that ambition is second to making the business profitable.

Tokyo-based payment card network JCB International is positioning itself for post-pandemic tourism growth by signing a deal with 3C Payments to expand payment acceptance in Europe, beginning in Spain.

Three banking trade associations told the FDIC that Rakuten Bank America, even after revisions to its earlier application to the agency, would still violate the separation of banking and commerce as well as present consumer privacy concerns.

Mobile commerce provider Bango has added Softbank Corp. customers to its list of Japanese mobile phone carriers whose customers can now make purchases in their Amazon accounts and charge the cost to their phone bill.

Japanese credit card giant JCB plans to use technology from FIS to enable cross-border QR code payments as digital wallet use rises across Asia.

Japanese digital wallet provider Kyash has raised $45 million in a fundraiser to expand its mobile offerings to help Japan convert to a cashless society during the coronavirus outbreak.

Japan’s Mitsubishi UFJ Financial Group Inc. is investing more than $700 million in Southeast Asian ride-hailing giant Grab, gaining access to millions across the region that use the mobile app to book cars and meals.

Tokyo-based credit card brand JCB faces a domestic battle to automate Japanese B2B payments that remain mired in old-school cash and paper, while it also tries to grow an international e-commerce network. It's a diverse set of challenges that have led the company to bring on a pair of technology partners.