Is the Revolut & Minna no Ginko partnership finally getting off the ground?
One year after the basic agreement on BaaS business was signed between Minna Bank and Revolut Japan, the partners are planning to start service collaboration using banking APIs. This new partnership involves four companies, adding Revolut with global expertise in digital banking and FFG, which is engaged in advanced financial DX in Japan. It aims to explore new value co-creation by further connecting the diverse financial products and functions of both groups.
In the interim, seemingly for the lack of progress in terms of a real service implementation (as Revolut was under an FSA Business Improvement Order until the beginning of the year), Minna no Ginko and Revolut ran parallel incentive campaigns during March this year.
Scope of the Service Cooperation:
➊ Revolut Japan’s Utilization of Minna Bank’s Update APIs (Planned to Start in July 2024)
② Expansion of Revolut Japan’s Utilization of Minna Bank Services
③ FFG and Minna Bank’s Utilization of Revolut’s Global Services
Revolut Japan’s Utilization of Minna Bank’s Update APIs
As one of the methods to charge “Revolut” accounts in Japan, Revolut will connect with Minna Bank’s update API (account transfer API) to start the “Quick Bank Charge” service, allowing instant, fee-free charges directly from bank accounts.
Compared to conventional deposit methods, “Quick Bank Charge” significantly streamlines account registration, and deposits are reflected in real-time. There are no fees for customer deposits. This will allow Minna Bank customers to more conveniently use Revolut’s services, such as exchanging to over 35 currencies at favorable exchange rates or making overseas remittances to about 200 countries and regions.
To use “Quick Bank Charge”, users first need to link their Minna Bank account. On the charge method selection screen, choose “Register and link bank account” to connect with your Minna Bank account. After linking, you can easily make deposits within the “Revolut” app.
Expansion of Revolut Japan’s Utilization of Minna Bank Services
In addition to the above, Revolut will consider providing some of Minna Bank’s functions and services (eKYC, bank account opening, loans, etc.) to domestic “Revolut” customers.
FFG and Minna Bank’s Utilization of Revolut’s Global Services
FFG group banks, including Minna Bank will consider utilizing some of Revolut’s global financial functions (foreign remittance, investment services, joint card issuance).
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