Mizuho and Line to scrap online bank project in Japan

TOKYO, Mar 30 (Nikkei) - Mizuho Financial Group and messenger app Line are preparing to abandon plans to develop smartphone-based Line Bank, Nikkei learned on Wednesday, after cost overruns and delays allowed competitors to hit the market first.

The two companies said in November 2018 that subsidiaries Mizuho Bank and Line Financial would invest in and establish an online bank. Mizuho's stake in the preparatory company most recently stood at 66.6%, with Line holding the remaining 33.4%. Each company has 50% voting rights. ...continue reading