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Monex, Shinsei Bank launch financial instruments intermediary services

Posted on 2022-01-04 By admin No Comments on Monex, Shinsei Bank launch financial instruments intermediary services

Japanese FX, CFD and stock broker Monex, Inc and Shinsei Bank, Limited today announced the launch of a comprehensive business partnership in the financial instruments intermediary business area. The partnership was initially announced about a year ago.

Shinsei Bank and Shinsei Securities transferred the rights and obligations related to Shinsei Bank’s investment trust accounts and Shinsei Securities’ bond safekeeping accounts of individual customers mainly involved in the financial instruments intermediary business with Shinsei Bank to Monex on January 4, 2022 through a company split.

Under the new structure, after the transfer, Shinsei Bank will continue to solicit, sell, and follow up on investment trusts, bonds, and other financial instruments to existing customers and new customers of the Bank, under consignment of financial instruments intermediary business entrusted by Monex. In addition, Shinsei Securities mainly acts as an intermediary for Monex to provide bond services. Monex is to execute transactions with customers and manage their accounts.

Through the partnership, customers of Shinsei Bank can access Monex’s broad product lineup. The list of products includes equities, such as US stocks, as well as investment trust-related services.

Customers of Shinsei Bank can select from over 1,200 funds as Shinsei Bank has added funds.

Monex notes that it provides immediate internet fund transferring between Shinsei Bank and Monex that is free of charge.

Also, there is a foreign currency deposit function from Shinsei Bank’s foreign currency saving account to Monex. Customers can operate it via the Internet and can use the immediate foreign currency deposit at free of charge. The currencies covered include U.S. dollar, euro, Australian dollar, New Zealand dollar, RMB, Turkish lira, South African rand, Canadian dollar and British pound.

Customers can set up to transfer their foreign currencies at Monex (U.S. dollar, euro, Australian dollar, New Zealand dollar, RMB, Turkish lira, South African rand, Canadian dollar, and British pound) automatically to the Shinsei Bank’s foreign currency savings account once every business day.

The impact of the partnership on the consolidated financial results of Monex and the Shinsei Bank Group is immaterial.

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