Why hand over mizuho

Ten years ago when Mizuho reported system failures, the country's financial watchdog told the bank there was a problem with its culture. One of the glitches this year affected most of its ATMs, leaving customers unable to retrieve thousands of bank cards and bank books stuck inside in the machines. Mizuho said it would set up an internal committee to prevent recurrences and plans to recruit executives from tech companies to improve know-how. Mizuho did not, however, announce Fujiwara's resignation which had been flagged by domestic media.

That revamp followed two large-scale breakdowns in and The administrative measure comes after seven system failures have occurred at the Japanese megabank this year, with the latest disrupting about automated teller machines on Sept. Mizuho has yet to get to the bottom of the series of failures. A third-party report commissioned by the bank found its corporate culture is to blame for its long history of tech system failures, creating an atmosphere where managers are reluctant to express opinions and unable to respond well to crises.

The Nikkei newspaper, which first reported the FSA's planned move, said the regulator will jointly manage the system with the bank, and order that system updates and maintenance be carried out under its control.

The regulator will determine where management responsibility lies after clarifying the cause of Mizuho's recent technical problems, it said. In a time of both misinformation and too much information, quality journalism is more crucial than ever. Mizuho, as a megabank, has built up, on the one hand, a customer base and an information base, while also developing strengths in the form of financial knowledge and technology. On the other hand, Mizuho's business position has not always been strong in terms of innovative creation, advanced technology, and assessment of future business potential.

In today's business environment, by collaborating with large vendors that have these strengths and Fintech companies, Mizuho is looking to create new businesses and provide highly convenient services for our customers more so than before, as to establish an advanced brand image as a financial institution.

To attain these goals, Mizuho established its Incubation Project Team, an independent and specialized team in July to strengthen new business creation and initiatives across the group.

Accompanying the appointment of a CDIO, we also realigned our Incubation Project Team to form the Digital Innovation Department to enhance the structures for promoting digital innovation. In fiscal also, Mizuho continued to actively pursue collaborative businesses with other companies to provide new services through open innovation.

In November , Mizuho and Softbank set up a joint company, named J. Score, to provide big data and AI—based Fintech personal lending services, and this company has already begun activities to build its brand image.

Beginning in September , it is scheduled to provide the first score—based lending services via smartphones in Japan, and it will continue to gradually raise the level of its services. In October , the first laboratory facilities 1 were established for structuring a Fintech Ecosystem 2 and to improve customer services.