(Kyodo News International via NewsEdge) Japanese online brokerage kabu.com Securities said it will serve as an agent for the Bank of Tokyo Mitsubishi UFJ.
The brokerage will start the bank agent service upon approval from the Financial Services Agency, becoming the first online securities company to do so.
The brokerage aims at boosting commission revenues by soliciting Internet users to open ordinary deposit accounts with the Bank of Tokyo-Mitsubishi UFJ or sign up for credit cards issued by the bank via its Web site.
The deal with the core unit of Mitsubishi UFJ Financial Group would allow the online brokerage to enter the banking industry without obtaining a new business license, kabu.com said.
Also in the pipeline is a service to enable quick fund transactions between customers' accounts held at the two business partners via the Internet and cellphones, it said.
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