Japanese megabanks have successively launched new financial services designed for small and midsize enterprises, seeking to tap their funding demand and expand earnings following the Bank of Japan’s interest rate hikes since it began tightening policy. Sumitomo Mitsui Banking Corp. (SMBC) has introduced a service that provides account opening, payments and accounting operations in an integrated package online. Mizuho Bank has also started services targeting SMEs.
In May last year, SMBC launched Trunk, a financial service primarily for small and midsize companies. The service improves convenience by allowing users to handle accounting tasks such as invoice payments efficiently via smartphones. It also features a function in which artificial intelligence informs users about subsidies from the national government and other sources.
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