PlayStation2: Your own personal ATM?
TOKYO (AP) - U.S. investment bank J.P. Morgan and Co. said Thursday that it will join a Sony Corp.-led online bank venture that will eventually allow customers to make transactions through Sony's PlayStation2 video game console.
New York-based J.P. Morgan will spend $14.2 million for a 4% stake in the Sony-led group, which also includes Japan's Sakura Bank Ltd.
Sony will contribute $284 million, or 80% of the bank's $356 million start-up capital.
'We get to partner with Sony and begin to reach retail customers here to broaden the J.P. Morgan brand in Japan beyond just investment banking and markets,' said Peter McKillop, vice president for corporate communications at J.P. Morgan Securities (Asia) Ltd.
The Internet bank will start operations next year, pending approval by Japanese financial regulators, Sony spokesman Gerald Cavanagh said. Sony announced in December that it was considering setting up the Internet bank.
The PlayStation2, launched March 4 in Japan, is equipped to connect to the Internet. It is expected to go on sale in the United States later this year.
In addition to the Sony and J.P. Morgan investments, Sakura Bank will invest $57 million for a 16% stake, the companies said.
The Internet bank combines Sony's technical know-how with Sakura's knowledge of Japan's banking industry and J.P. Morgan's expertise in offering investment advice to clients, Sony said.
The alliance in online financial services is the third this week between a Japanese technology company and a financial institution. Banks and brokerages are reaching out to find new customers as government deregulation allows banks, brokerages and insurance companies to compete on each others' turf.
'Japan has traditionally had an antiquated banking system that is now being transformed overnight by the Internet,' McKillop said.
Also Thursday, French financial group Societe Generale said it will offer online securities trading services for individual investors in Japan.
NEC will help Societe Generale set up computer systems and may provide financial assistance, the companies said.
On Monday, NTT DoCoMo, Japan's biggest mobile phone company, said it will join a separate Sakura Bank venture to expand Internet banking services accessible through mobile phones.
usatoday.com
I like this Sony online bank venture and previous wireless access for PS2 very much$! |
