Hokkaido Electric Power announced that it will launch the banking service “Hokuden BANK” on 14 October. In partnership with UI Bank, a subsidiary of Tokyo Kiraboshi Financial Group, it will offer up to 10% in points on automatic payments of electricity and gas bills.
Hokkaido Electric Power announced on the 30th that it will begin offering the banking service “Hokuden BANK” on 14 October. By entering the financial services business for the first time, the company aims to expand customer touchpoints as the liberalisation of the electricity market advances.
Its partner is UI Bank, a subsidiary of Tokyo Kiraboshi Financial Group. Together, they will provide banking services including deposit-taking, loans and foreign exchange transactions.
This is Hokuden's first expansion into banking services. The company aims to deepen customer relationships through financial services and prevent customers from shifting to competitors. The initiative is positioned as part of its business diversification through the creation of a “Hokuden economic zone.”
The article specifies benefits including up to 10% in points when customers use automatic payments for electricity and gas bills, positioning these benefits as a key driver of service adoption.