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SECURITY

Mitsubishi UFJ Trust and Banking to roll out “information banking” service

  • October 11, 2019
  • , Sankei , p. 1
  • JMH Translation

Companies are increasingly making moves to start offering “information banking” services, which store personal data and provide it to other companies with the individuals’ consent. On Oct. 10, Mitsubishi UFJ Trust and Banking announced plans to establish an “information trust office,” as it seeks to become the first megabank to enter the information banking sector in April 2020. Dentsu Group is already rolling out the service, but as Mitsubishi UFJ Trust and Banking possess enormous amounts of financial data, the market entry by the megabank portends an era in which personal financial data is dealt with in the same way as products. (Abridged)

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