privatization is still ongoing. At the end of 2019, the government had a 57% ownership stake in Japan Post Holdings, which owns 90% of Japan Post Bank. Current operations In 2019, Japan Post Bank was managing ¥205 trillion of assets. It oversaw approximately 120 million customer accounts, who had access to services in almost 24,000 branches across Japan, most of which are contracted post offices officially belonging to the Japan Post Service. The bank offers a variety of financial products, including deposit accounts, credit cards and loans, investment products, time deposits, and pension accounts. The bank also provides an important social benefit through making financial services available to rural areas. In parts of Japan where the population is shrinking or has a high proportion of elderly people, Japan Post Bank operating out of a post office may be the only financial institution available. The bank also manages almost 30,000 ATMs across Japan. Since many transactions in Japan are still conducted with cash, Japan Post Bank also plays an important role in making ATMs available where other bank branches are encouraging cashless payment or reducing their ATM numbers. In May 2019, Japan Post Bank launched Yucho Pay, a smartphone-based payment service that pays a participating store directly from the user's bank account. The service initially launched with approximately 10,000 customers, and also allows for payment or withdrawals through scanning QR codes. In March 2021, Japan Post announced it would invest ¥150bn ($1.4bn) to acquire a 8.3 percent stake in Rakuten in order to create a partnership dealing in logistics, mobile and payments businesses. Controversies In 2019, an internal investigation revealed thousands of instances where investment products were sold improperly, with 90% of 230 directly managed Japan Post Bank outlets involved. It found that products were sold to elderly customers without confirming their full understanding of the product. This resulted in an investigation by the Financial Services Agency and a temporary suspension of its sales and marketing for insurance and financial products. See also Yucho Notes References External links Japan Post Bank Banks of Japan Japan Post Holdings Banks established in 2006 Japanese companies established in 2006 Government-owned companies based in Tokyo Financial services companies based in Tokyo Japanese brands 2015 initial public offerings Postal savings system