Yahoo Japan is reportedly looking to move into the Internet banking business through partnership with Sumitomo Mitsui Banking subsidiary Japan Net Bank after cancelling an agreement with Aozora Bank.
According to press reports, Yahoo Japan is currently in talks to acquire a 14% equity stake in Japan Net Bank - the Internet banking arm of Sumitomo Mitsui - although this may be increased to 50%.
Yahoo Japan originally inked a Web banking deal with Aozora Bank in January last year and was expected to launch joint services through Aozora Trust Bank this spring. However the deal has been cancelled after the two firms reportedly failed to agree on the types of services to be offered and launch dates.
Last year Yahoo! Japan teamed with with Tokyo-based brokerage Nikko Cordial and Internet broker E*Trade Securities to deliver online stock trading services to its users.