Based on a bank executive, Sumitomo Mitsui Financial Group has launched a digital banking service in the United States as Japan's second largest lender seeks to capitalise on growth in the U.S. consumer banking market. Sumitomo Mitsui is offering personal loans through Manufacturers Bank, a California state-chartered bank owned entirely by the Japanese conglomerate.
Beginning with a 270-person workforce, the digital banking service aims to generate tens of billions of yen (hundreds of millions of dollars) in net profit within ten years, according to Daisuke Tanaka, an executive in the bank's corporate development group.
It intends to expand its offerings in the coming months, including a savings product.
"We're starting small with a long-term vision," Tanaka told a media briefing. "But we eventually want to have a solid presence in the United States."
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