Lawson Inc. will begin providing limited banking services at some of its convenience stores in July in cooperation with Hokuriku Bank, the two firms said Thursday.
Lawson will link up with the regional bank to offer certain administrative banking services that are not covered by the Banking Law, including applications for auto loans and currency exchange, the two companies said.
But the opening of an account to apply for auto loans requires identity verification, so customers will still have to visit the bank to get the service, Hokuriku Bank said.
The information terminals will be installed at all 88 Lawson stores in the bank's home base of Toyama Prefecture.
The services may also be offered by Lawson outlets in neighboring Ishikawa and Fukui prefectures, Hokuriku Bank officials said.
Lawson and Hokuriku Bank will also jointly run convenience stores at the bank's Tokyo branch and at a Toyama branch, the firms said.
Lawson officials said the convenience store chain will court other regional financial institutions to begin similar banking services.
A Hokuriku Bank official said Lawson will not need to obtain a banking license to start the new services because they are not covered by the Banking Law.
Other companies are expected to tie up with banks to provide services that do not require a banking license. However, settlement duties -- accepting funds for deposits, loans and foreign currency trading -- are covered under the Banking Law and are expected to be reserved for licensed financial institutions.