Monex launches a new service for same-sex couples

Monex is to offer joint bank account services to same-sex couples, starting from December 19th. It will be the first trial of its kind in Japan.

Opening a joint bank account enables same-sex couples to manage their assets together. Since they have equal ownership, the joint bank account can be used just like a normal bank account. When they want to close the joint bank account, their assets are separated as they have decided in advance.

It has been difficult for same-sex couples to manage their assets together because the banks do not allow them to open a joint bank account. Same-sex couples need to pay their credit cards bill separately and can’t receive the benefits of family cards. Monex hopes that their joint bank account services will change the status quo.

Chieko Yo works for Monex as the product planner in the marketing department. “I know many same-sex couples experience inconveniences on a daily basis compared to legally married heterosexual couples. We have been thinking about how to relieve their stress by offering our services to them. I hope our new services will change the status quo,” Chieko Yo said.

In 2015, Shibuya Ward, Tokyo started the first same-sex partnership system in Japan. After that, many companies started new services for same-sex couples such as mobile companies offering family discounts, airline companies allowing same-sex couples to share miles, insurance companies allowing same- sex partners to be a beneficiary, banks allowing same-sex couples to take out co-housing loans, and local businesses treating same-sex couples equivalent to married.