Japan rail operators launch banking services in push to diversify

Keio and JR East offer mortgages and deposits to make up for ridership decline

20231220N Hayabusa

East Japan Railway plans to bring riders to its bank by waiving withdrawal fees at some station ATMs. (Photo by Tomoki Mera)

HARUKI KITAGAWA, Nikkei staff writer

TOKYO -- Railway companies are breaking into Japan's finance sector, teaming up with online banks to retain and attract customers as the industry adjusts to the post-COVID landscape.

Keio, which operates commuter lines in the Tokyo area, in September became the first domestic railway company to start banking services.

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