Sumitomo Mitsui launches Trunk, an AI digital financial agent designed for small businesses with less than 20 employees

Sumitomo Mitsui Financial Group (abbreviated as SMBC) announced that it will provide a new AI comprehensive digital financial service assistant called "Trunk" for businesses. This is the first time a major Japanese bank can open a corporate bank account on the next working day after submission. Trunk's main target group is small enterprises with fewer than 20 employees. Overall, this is to reach potential customers who have not been accepted by large banks. Trunk is an AI-developed comprehensive financial service primarily serving small and medium-sized enterprises, integrating business cards, accounting systems, and flexible credit features. Customers can open corporate accounts online through smart devices like smartphones, with the fastest account activation on the next working day after application. The account opening process is simplified, requiring no company registration documents, and the service also offers features like invoice image scanning and transfer reservations. Customers can choose card payment methods with payment deferred to the next month, without being tied to contracts or monthly transfer fees, allowing small and medium-sized enterprises to manage cash flow flexibly. Sumitomo simultaneously launched ultra-low transaction fees, with free transfers between Sumitomo Mitsui Bank users and a uniform fee of 145 yen for transfers to other banks, the lowest in the industry. Corporate cards are issued based on the credit status of enterprises and individuals. Trunk was developed in collaboration with the Sumitomo Mitsui Bank Group, Sumitomo Mitsui Bank, and Sumitomo Mitsui Card Company, utilizing technology from the fintech company Infcurion. Infcurion is planning an IPO this year and received approximately 8 billion yen (53.8 million USD) in investment from Sumitomo Mitsui Financial Group last year, valuing the company at over 30 billion yen. At the Trunk presentation on April 15, Sumitomo Mitsui Credit Card Company President Yukihiko Onishi stated that in many cases, small and medium-sized enterprise presidents personally handle accounting, operations, and financing. Trunk provides a concept similar to hiring a private accountant, reducing the workload of business managers. Sumitomo Mitsui Financial Group President Osamu Nakajima acknowledged that small and medium-sized enterprises with fewer than 20 employees have not been the main focus of large banks. Banks like Sumitomo Mitsui have an unwritten standard of requiring annual sales of 1-3 billion yen, while most Japanese enterprises have capital under 100 million yen, typically opening corporate accounts with regional banks or local credit unions. The Sumitomo Mitsui Bank Group has set a target of acquiring 300,000 enterprises within three years through Trunk, representing 10% of Japan's 3 million small and medium-sized enterprises. Risk Warning: Cryptocurrency investment carries high risk, with potentially significant price volatility. You may lose all your principal. Please carefully assess the risks.