TOKYO -- Japan's Sumitomo Mitsui Financial Group on Tuesday launched a new digital banking service in the U.S., going online-only to keep costs down as it seeks a piece of the fast-growing but fiercely competitive North American consumer finance market.
The new Jenius Bank is starting off with personal loans, providing loans of between $5,000 and $50,000 at rates of 6.99% to 22.74% -- on the low side compared with credit cards, according to the company.
