Minna Bank, Trek Labs Japan Plan Yen Banking for Backpack Platform

Minna Bank and Trek Labs Japan signed a basic agreement for yen deposit and withdrawal services on Backpack’s planned Japanese platform, setting out a route to local banking functions.

Minna Bank, a digital bank under Fukuoka Financial Group, plans to provide yen deposits, withdrawals and other banking functions through a banking-as-a-service (BaaS) arrangement. Trek Labs Japan is Backpack’s Japanese entity.

The companies will also explore possible applications for tokenized deposits and connecting Backpack’s investment services with the Minna Bank app.

Trek Labs Japan is preparing to apply for a Japanese crypto-asset exchange license. Backpack previously named Daisuke Nakagawa to lead its Japan strategy.