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Sunday, October 17, 2021

Japan’s Mizuho was hit with another error, with some transactions delayed

The Mizuho Financial Group logo is seen at the company’s headquarters in Tokyo, Japan on August 20, 2011. (Toru Hanai / Reuters)

The main banking arm of Tokyo-Mizuho Financial Group said on Thursday that a system error was delaying some foreign exchange transactions a week after regulatory penalties were imposed for system problems earlier this year.

Japan’s third-largest donor has faced a number of technical problems in 2019, despite systems worth .6 6 billion, prompting the Financial Services Agency (FSA) to become more involved in inspecting its computer systems, an unusual move for banking regulators.

The most recent error occurred on the last day of April-September of the Japanese financial year, which usually sees a surge in corporate transactions.

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The problem with the new system could lead to more regulatory action by the FSA, as the regulator said last week that its next step would depend on a report from the bank, which is due by October 2nd.

A third-party report commissioned by the bank found that its corporate culture was responsible for the failure of its technology system, creating an environment where managers were reluctant to comment and unable to respond well to crises.

Reuters

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This News Originally From – The Epoch Times

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