Application Rush Leads to Restrictions with JR East’s Bank Handling Salary Deposits and Home Loans as a Main Bank
USA, Europe, Asia – The Global ‘Neobank’ Boom.
Companies providing banking services without holding a banking license are called “neobanks” overseas.
Neobanks appeared in the US around 2010 and have now spread to Europe, Asia, Africa, and Latin America. In Japan, they were finally recognized by the amended Banking Act, which came into effect in 2018, with JAL NEOBANK starting as the first one. Although the number of neobanks has increased over the past few years, none has made a significant impact. Then, JRE BANK became a major topic as a notable neobank after a long time.
So, why did JRE BANK attract attention while other neobanks did not? The reason is simple: as mentioned earlier, the benefits it offers are exceptionally advantageous, far beyond what conventional neobanks provide.
Miles awarded, plus a home loan with a ¥50,000 cash back if you win. Unique services from a neobank.
It’s often misunderstood, but a neobank isn’t a “downgraded” version of the bank providing the platform. It offers basic services like deposits, loans, withdrawals, transfers, and remittances with equivalent functionality. On top of that, each operator introduces distinctive services tailored to their business.
For example, [JAL NEOBANK] offers a perk where borrowers can receive up to 80,000 miles based on their home loan balance. The home loan interest rates are the same as those offered by SBI Sumishin Net Bank. It’s heard that quite a few people borrow JAL home loans using JAL miles. At Keio Electric Railway [Keio NEOBANK], borrowers can earn up to 120,000 points in ‘Keio Points’ based on their home loan balance.
In [Yamada NEOBANK], funds for purchasing home electronics, furniture, or electric vehicles (EVs) can be included in the home loan, making it possible to purchase at significantly lower interest rates than regular shopping loans if borrowed at a variable rate. As a curveball, Hokkaido Nippon-Ham Fighters [F NEOBANK] offers a cashback benefit linked to regular season rankings for five years following borrowing, with a first-place finish resulting in ¥50,000, amounting to ¥250,000 over five years.
Existing neobanks offer users perks and services that leverage their core businesses. For those who meet the conditions, it may be worthwhile to use.
