SBI Shinsei Bank Launches Crypto Deposit Rewards Program
- SBI Shinsei Bank’s new campaign offers crypto vouchers worth 20% of interest payments, redeemable for BTC, ETH, or XRP.
- The three-month campaign began on June 10 and targets approximately 4.33 million individual accounts.
- Japan’s current policy rate is at a decade-high of 0.75%, with expectations of rising to around 1.0% by the end of June.
- NISA investment accounts reached 28.26 million, with cumulative purchases totaling roughly $442 billion by the end of last year.
- The loan-to-deposit ratio in Japan hit 65.7%, indicating increased domestic lending demand.
This initiative reflects SBI’s strategy to enhance deposit retention amid rising interest rates and competition for household savings in Japan, where traditional banking faces challenges from investment options like NISA accounts.
With a significant portion of Japan’s household financial assets totaling approximately $14.65 trillion, SBI aims to attract customers by offering crypto rewards as an incentive to maintain deposits within their banking ecosystem.
