Jenius Bank, a digital bank serving retail customers, has officially gone live in the US, offering personal loans as its inaugural product. The digital banking arm of Manufacturers Bank, a California state-chartered commercial bank, is a wholly-owned subsidiary of Sumitomo Mitsui Financial Group (SMFG; one of Japan's largest banks by total assets).

The company also has plans to introduce savings products and a mobile app in the coming months, with the aim of becoming a full-service bank in the US. The mobile app will provide personalized and easy money management features using customer data and preferences. In addition, it provides customer support online and via phone.

Analyst QuickTake: SMFG announced its plan to launch Jenius Bank in August 2022 as part of its strategic move to diversify its revenue away from its domestic market, which is facing a decreasing population and a prolonged period of low-interest rates. Jenius Bank will primarily target consumers between the ages of 20 and 40, who are more digitally savvy and have an annual income of more than USD 100,000.