Dutch insurance provider ING Group has announced that it expects to expand its services into the Japanese market, after confirming that it has initiated the process of obtaining a banking license from Japan's Fianncial Services Agency for ING Direct, the group's direct banking arm.
The Japanese market represents great business potential, and this move is in line with ING Direct’s current strategy to enter large and mature markets with a developed infrastructure for direct banking.
By entering Japan, ING Direct will expand its presence to countries representing approximately 70% of the global savings market. We look forward to meeting the expectations of Japanese consumers through ING Direct’s core concepts of simplicity, convenience and competitive pricing that have proved a success in all our nine other countries, said Dick Harryvan, CEO of ING Direct and ING Group executive board member.
Our growth is a testimony to the ongoing success of ING’s direct banking platform. ING Direct aims to be the world’s most preferred consumer bank by offering competitive products and making banking simple, he added.
Subject to regulatory approval, ING Direct expects to launch its operations in the Japanese market in the second half of 2007.