Japanese investment giant Softbank is doing some house cleaning in its home market, and continuing to merge its domestic online businesses.
Softbank announced plans today to do away with the Yahoo Japan payments and FX business brands – including its YJFX Retail FX trading name – and consolidate them with its separately held OneTap Buy business. The new entity will carry the name PayPay, which will include PayPay Card, PayPay Bank, PayPay Securities, PayPay Insurance, PayPay Investment Trust, and the new retail FX arm – PayPay FX.
The move seems to be part of an overall streamlining of operations at Yahoo Japan led by Softbank, which owns a 45% stake in the business. Late last year Softbank announced plans to merge internet subsidiary Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech group, to compete more effectively with local rival Rakuten as well as US online powerhouses.
Regarding the rebrandings of the six entities (see below), Softbank said that they will take effect sequentially starting from the fall of 2020. While the boards of each company have already voted in favor of the plans, the changes in the names of the companies are subject to shareholder approval at the respective companies, and approvals from government agencies, as necessary.
|Name of company||Name of service||Name of company||Name of service|
|YJ Card Corporation||Yahoo! JAPAN Card||PayPay Card Corporation||PayPay Card
Yahoo! JAPAN Card (to be continued)
|The Japan Net Bank, Limited||The Japan Net Bank||PayPay Bank Corporation||PayPay Bank|
|One Tap BUY Co., Ltd.||One Tap BUY||PayPay Securities Corporation||PayPay Securities|
|Y’s Insurance Inc.||Yahoo! JAPAN Insurance||PayPay Insurance Service Corporation||PayPay Insurance|
|YJFX, Inc.||YJFX!||PayPay FX Corporation||PayPay FX|
|Astmax Asset Management, Inc.||Yjam||PayPay Asset Management Corporation||PayPay Investment Trust|