SMBC has announced the launch in March 2023 of “Olive,” an all-in-one card “that combines a Sumitomo Mitsui Banking account, credit, debit, and point payments.”
SMBC, or Sumitomo Mitsui Banking Corporation, is a global financial services firm based in Japan. SMBC has been active in the Fintech sector for years as it aims to boost its digital banking services.
The new Olive card aims to streamline the banking process by offering a choice to hold a single card to offer various functions typically offered by a single card. This type of service has been pursued by Fintech startups for years, but this may be the first time a traditional banking firm in Japan has sought to do something similar.
According to SMBC, there is “no longer a need to carry multiple cards like before” as it offers a numberless physical design with integrated features. The service also includes an App that as pitched as eliminating the need for multiple Apps as it seeks to be the only App you need. Access to securities trading, as well as insurance, are part of the package.
The new functionality is being offered in partnership with Visa, another firm that has moved aggressively into the Fintech space.
According to a blog post, at some point in the future a single affiliated ID will be incorporated by SMBC so all financial services are tied to a single user.
