TOKYO -- Mitsubishi UFJ Trust and Banking will launch a new service in 2019 through which it will collect personal information from individuals and provide it to businesses.
The new "information banking" service will allow individuals to select companies to which they wish to provide details such as their purchase history in return for fees using a smartphone app.
The companies acquiring the information will use it for purposes such as product development.
The bank's expertise in trust services, through which it manages and invests customers' financial assets, will be put to use in operating the new service.
This marks the first time such a product has been launched in Japan. The company will conduct tests with up to 1,000 individuals from August until the end of the year.
Subjects will use an information management app developed by Mitsubishi UFJ Trust that records their location and the distance they travel, and can work in conjunction with other apps on their phone.
Individuals must first choose which information to provide, such as their medical history, habits or recent activities. Companies wishing to use the service are required to indicate what types of data they intend to collect and disclose what purposes it will be used for.
Four companies, including a gym operator and a travel agency, will take part in the test.
Mitsubishi UFJ Trust will sign separate contracts with a dozen companies, including businesses that operate apps managing corporate health check results and personal assets, and gain access to data upon receiving users' permission.
The company plans to limit the usage of the information provided to activities such as product development and customer needs analysis. Information will not be used for advertising.
Individual users will be awarded about 500 yen to 1,000 yen ($4.45 to $8.90) per month from each company, as well as rewards such as free gym trials.