Sony eyes Australian online banking market

Sony eyes Australian online banking market

Electronics giant Sony is contemplating opening an online bank in Australia as it looks to expand its financial services operations beyond Japanese borders.

Sony Bank is the largest online bank in Japan, scooping deposits through low interest rates and fees.

The company has outlined plans to open an office in Sydney in August and conduct a feasibility study, with a view to opening for business sometime in 2012.

The Nikkei newswire says Sony hopes to take deposits and offer mortgages in the country, where loan demand is increasing particularly among immigrants.

The bank would need approval by Australian financial regulators, where its security policies would come under heavy scrutiny following the recent wave of cyber-attacks that seriously compromised its gaming network.

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