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Fukuoka Financial to set up Japan's 1st regional internet-only bank

Fukuoka Financial Group Inc. will launch Japan's first regional internet-only bank as early as this fiscal year, The Nikkei reported Aug. 6.

The new online bank will be called Minnano Ginko, or Everybody's Bank. It will target young customers and will carry out its business entirely over a smartphone app.

The move comes as the business outlook for Japan's regional banks dims as people and businesses leave rural areas. Japan's Financial Services Agency has put pressure on regional banks to revise their business models, according to the publication.