At a Glance
Composition of
operating revenue(FY2016)
Domestic financial business
Business description
• Credit guarantee
• Collection of accounts receivable
• Credit and consumer credit
• Other fi nancial services
Major subsidiaries
• Nihon Hoshou
• Partir Servicer
• J TRUST Card
Financial business in Southeast Asia
Business description
• Banking business
• Collection of accounts receivable
Major subsidiaries
• Bank JTrust Indonesia
• JTRUST INVESTMENTS INDONESIA
Financial business in South Korea
Business description
• Savings bank business
• Capital business (leasing and installment loans)
• Collection of accounts receivable
Major subsidiaries
• JT Chinae Savings Bank
• JT Savings Bank
• JT Capital
• TA Asset Management
Consolidated
operating revenue
75.4 billion yen
Financial business in South Korea33.8%
Financial business in Southeast Asia
16.3%
General entertainment
business21.9%
Real estate business8.2%
Investment business
3.5%
Other business1.9% Domestic
financial business14.4%
20 J Trust Co., Ltd. Annual Report 2016
Other business
Business description
• IT system business
• Design and construction of commercial facilities
• Fintech
Major subsidiaries
• J Trust System
• Keynote
• J Trust Fintech
Real estate business
Business description
• Sales and brokerage of ready-built housing
• Purchase and sale of income properties
Major subsidiaries
• Keynote
• ADORES
Investment business
Business description
• Investment and management support
Major subsidiary
• JTRUST ASIA
General entertainment business
Business description
• Amusement facilities operation business
• Production and sales of amusement machine toys
• Development, production and sales of Japanese game machines
Major subsidiaries
• ADORES
• BREAK
• Highlights Entertainment
21J Trust Co., Ltd. Annual Report 2016
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Concentrating on credit guarantees for property-based loans
and purchase and collection of receivable businesses that
utilize our strengths.
Domestic Financial Business
Credit Guarantee Balance at Nihon Hoshou Approved Apartment Loans
4/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/2015 11/2015 12/2015 1/2016 3/20162/2016
60
50
40
30
20
10
04/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/2015 11/2015 12/2015 1/2016 3/20162/2016
30
25
20
15
10
5
0
(Billions of yen) (Billions of yen)
Apartment loans Credit guarantee balance
Shift to streamlined and robust management practices and
basically withdraw from the unsecured loan business
Concentrate on credit guarantees for property-based loans and
purchase and collection of receivable businesses that utilize
our Group strengths
Credit guarantee balance, principal balance and segment
income from the domestic financial business achieved targets
for fiscal 2016
Highlights 2016
Target 48.7 billion yen
22 J Trust Co., Ltd. Annual Report 2016
Basically withdraw from the unsecured loan
business
In fi scal 2016, Nihon Hoshou shifted to streamlined and
robust management practices ensuring medium- to
long-term, stable earnings including through large-scale
early retirement programs. Moreover, it also conducted a
reorganization including partial transfer of the unsecured
loan business through a corporate split, withdrew from the
unsecured loan business, separated liabilities involving risk
of interest repayment claims and mitigated contingent
liabilities risk.
Concentrate on credit guarantees for property-
based loans and purchase and collection of
receivable businesses
By utilizing the Group’s strengths to develop products
tailored to market needs, and in our proprietary credit
screening of property-based loans, we have steadily grown
the credit guarantee balance, which in fi scal 2016 was
53.3 billion yen, exceeding the 48.7 billion yen targeted in
the Medium-Term Business Plan. Regarding apartment loans, the credit guarantee balance is projected to increase
further with a rise in the cumulative amount of approved
loans. The loans are likely to be executed within 1 year.
The servicer (receivable collection) industry is a sector in
which only corporations approved by the Ministry of
Justice may operate, and requires thorough compliance
with strict regulations. The J Trust Group’s purchase and
collection of receivable business is underpinned by its top-
tier collection capabilities, derived from the combined
expertise of staff who previously worked for a diverse
range of companies. We aim to grow the business through
competitive pricing backed by our superior collection
capabilities.
In fi scal 2016, the principal balance was 467.9 billion
yen, 122% of the Plan due to the successful purchase of
Principal Balance
3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 6/2015 9/2015 12/2015 3/2016
500
400
300
200
100
0
(Billions of yen)
ough
of
16
Fiscal 2017 target 440.9 billion yen
Fiscal 2016 target 384.1 billion yen
Toru MyochinManaging Director, Executive Officer
in charge of holding business
large-scale NPLs. We already achieved 440.9 billion yen
targeted for fi scal 2017 one year ahead of the Plan.
Fiscal 2016 segment income exceeded the
Medium-Term Business Plan
In fi scal 2016, operating revenue in the domestic fi nancial
business was 11.0 billion yen, down 41% compared to
the previous fi scal year due to the transfer of the “KC
Card” brand that resulted in a decrease in the installment
payment paying for commissions. However, segment
income was 3.7 billion yen, an increase of 105% com-
pared to the previous fi scal year, exceeding the Medium-
Term Business Plan’s fi scal 2016 target of 3.1 billion yen
as a result of cost reduction measures such as the transfer
of the “KC Card” brand, Nihon Hoshou’s partial transfer of
the unsecured loan business, and a decrease in provision
for loss on interest repayment.
Fiscal 2017 forecast to achieve targets set under the
Medium-Term Business Plan
Under the Medium-Term Business Plan, by the end of
fi scal 2017, we are aiming to have a credit guarantee
balance for apartment loans of 36.2 billion yen. As of the
end of fi scal 2016, the balance was already 12.1 billion
yen, while the approved cumulative amount continues
to accumulate and credit guarantees for property-based
loans are forecast to maintain their robustness in fi scal
2017. As mentioned earlier, the principal balance of
the purchase and collection of receivable business has
already reached its planned amount ahead of time, and
there is a high likelihood that operating income will realize
the Plan in fi scal 2017.
23
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Aiming to sustainably increase profits by expanding operating assets.
Financial Business in South Korea
A business base as a comprehensive financial group
and expertise cultivated in Japan
Financial business in South Korea is growing steadily
Will become our growth driver in fiscal 2017
Aim to further raise loan balances in the medium-
to long-term
Highlights 2016
Amount of Loans Disbursed per Month Loan Balance
(Billions of won) (Billions of won)
4/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/201511/2015 12/2015 1/2016 3/20162/2016
200
160
120
80
40
0
JT Savings Bank JT Chinae Savings Bank JT Capital
avg. 98.1 avg. 97.9
avg. 135.2 avg. 138.9
4/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/2015 11/2015 12/2015 1/2016 3/20162/2016
2,000
1,900
1,800
1,700
1,600
1,500
0
24 J Trust Co., Ltd. Annual Report 2016
A business base as a comprehensive fi nancial
group and expertise cultivated in Japan
The J Trust Group leveraged its strengths in the fi nancial
business in South Korea through a business base of
savings bank, capital and collection of receivables, which
were established during fi scal 2015.
Using this base, we have positioned ourselves as a
comprehensive fi nancial group that incorporates exper-
tise cultivated in Japan and provides quality of service
equivalent to that offered in Japan.
Financial business in South Korea is growing
steadily
In fi scal 2016, the fi nancial business in South Korea
recorded operating income of 0.2 billion yen, rebounding
from the operating loss of 6.2 billion yen in the previous
fi scal year, but less than the 2.1 billion yen under the profi t
plan. This was mainly because of a change in accounting
treatment of negative goodwill booked in the previous
year to consolidated results (reducing profi t by bringing
expenses forward) from the straight-line method to the
effective interest rate method. As a result, operating reve-
nue decreased by 2.4 billion yen. Despite the effects, we
believe our real earnings power is growing steadily.
The J Trust Group is successfully raising the JT brand
value and conducting effective marketing strategies,
which in fi scal 2016 saw the loan balance steadily
increase on the back of increases in the volume of new
monthly loans. As a result of leveraging our credit screen-
ing expertise developed in Japan, the delinquency rate,
which had been as high as about 50% when starting
operations, dropped to 6.2% in March 2016.
A diffi cult business environment persists in South Korea
due to factors including a lowering of the maximum loan
interest rates from 34.9% to 27.9% on March 3, 2016.
However, as the J Trust Group conducts credit screening
that was able to anticipate the shrinking economy and
lowering of the maximum loan interest rates. The delin-
quency ratio has been declining in accordance with an
increase in new loans disbursed by group companies.
As a result, the earnings base in South Korea continues
to fi rm with each passing month.
Will become our growth driver in fi scal 2017
The fi nancial business in South Korea has entered a
sustainable growth phase, considering the trend toward
improvement in the earnings base, and we have planned
for operating income of 5.1 billion yen in fi scal 2017,
and we forecast it will become a growth driver for the
J Trust Group.
Operating Income/Loss of Financial Business in South Korea(Millions of yen)
ea
3/2015 3/2016 3/2017(Forecast)
6,000
4,000
2,000
0
–2,000
–4,000
–6,000
–8,000
Nobuiku ChibaRepresentative Director, Senior Managing Executive
Officer in charge of financial business in South Korea
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Financial Business in South Korea
Medium-to-long-term Management Strategies for the Four Companies in South Korea
JT Chinae Savings Bank Raises low-cost funds mainly through bank deposits and also increases corporate loans
JT Savings Bank Focuses on mortgage loans and consumer loans
JT CapitalAccumulates the balance of mortgage loans and lease assets, with an interest rate
between the 6%-20% level for customers with a good credit rating
TA Asset ManagementAccumulates loans receivable on the back of high collection capabilities and thorough
compliance
Loan Balance and Delinquency Ratio at Savings Banks/Capital Company(Billions of won) (%)
20144 5 6 7 8 9 10 11 12 10 11 12
20151 2 3
20161 24 5 6 37 8 9
2,000
1,600
1,200
800
400
0
40
30
20
10
0
615.6
34.5%
6.2%
619.8 584.6634.5
907.2
910.5 964.5 986.91,040.4
1,091.31,126.5
1,501.9
1,732.7 1,734.1 1,717.5 1,721.2 1,726.7 1,729.51,780.1
1,829.1 1,848.0 1,880.7 1,940.3 1,966.2
Loan disbursed by group companies (left axis) Purchased receivables (left axis) Delinquency ratio (right axis)
Aim to further raise loan balances in the
medium- to long-term
In South Korea, we have the infrastructure in place
needed to develop comprehensive fi nancial services and
the organic development of each business going forward
will enable business development that can obtain the
maximum synergetic effects.
Moreover, as a fi nancial group in South Korea, we will
further increase the loan balance by raising convenience
through a mobile app with the fi rst-ever automatic
remittance function (Fintech) and enhancing the brand
through marketing activities to create “customer-oriented
and trustworthy” images.
Further, as a Korean fi nancial group, we received
awards from the FIRST BRAND AWARDS presented by
the (Korea) Consumers Council and AJU BUSINESS
DAILY FINANCE/STOCK AWARDS. Through greater
service quality and customer satisfaction, and by building
a relationship of trust built with customers, the Korean
fi nancial group is highly regarded in South Korea. Please
refer to the COLUMN for details.
26 J Trust Co., Ltd. Annual Report 2016
Highly Experienced Management Team in Financial Business in South Korea
COLUMN
Yoon Byeng Muk
President & Representative Director
JT Chinae Savings Bank Co., Ltd.
Experienced manager with
background in major departments
at Bank of Korea and various
finance-related companies
Choi Sungwook
President & Representative Director
JT Savings Bank Co., Ltd.
Experienced manager with
background at savings bank and
financing company
Cha Dong-Goo
CEO
JT Capital Co., Ltd.
Originally Regional Head
at Shinhan Bank
Received an industry award in
South Korea in 2005
Kazuyuki Matsuoka
President & Representative Director
TA Asset Management Co., Ltd.
Experienced manager with
background at financing company
and savings bank in Japan and
South Korea
“Japan-quality” services are rewarded with receipt of a FIRST BRAND AWARDS KOREA and
AJU BUSINESS DAILY FINANCE-STOCK AWARDS
We were ranked fi rst of 79 savings banks in the FIRST BRAND
AWARDS KOREA, hosted by the (Korea) Consumers Council.
This award was decided by monitoring conducted by about
850,000 consumers aged 15 or over, who evaluated compa-
nies in 54 industry categories, and J Trust was rated No. 1 in
the fi elds of satisfaction in quality and service, price, satisfac-
tion level against expectation, and others.
Moreover, we received a major prize as a trusted company in
the AJU BUSINESS DAILY FINANCE-STOCK AWARDS 2015,
hosted by the internationally acclaimed AJU BUSINESS DAILY.
We were selected from among all fi nancial institutions in South
Korea and recognized as a trusted company based on our
close relationship with customers and rigorous compliance
structures to raise transparency.
27J Trust Co., Ltd. Annual Report 2016
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Accelerating revitalization of Bank JTrust Indonesia.
Financial Business in Southeast Asia
Completed base of revitalization
Rebranding and strengthening the financial base and management
In fiscal 2016, the business improved despite greater-than-planned
operating loss
Receivable collection business JTII profitable from its first fiscal year of
operations
Working to increase Bank JTrust Indonesia’s balance of deposits and loans
Highlights 2016
Average Lending Interest Rate of Bank JTrust Indonesia
Average Deposit Interest Rate of Bank JTrust Indonesia
(%) (%)
6/2015 9/2015 12/2015 3/2016
12
11
10
9
0
9.99%
10.55%
11.22%11.37%
9
8
7
6
0
8.43%
7.69%8.04%
7.84%
6/2015 9/2015 12/2015 3/2016
28 J Trust Co., Ltd. Annual Report 2016
3/2015 3/2016 3/2017(Forecast)
6,000
4,000
2,000
0
‒2,000
‒4,000
‒6,000
‒8,000
Completed base of revitalization
Rebranding and strengthening the fi nancial
base and management
Bank JTrust Indonesia (BJI) had once failed, tarnishing the
bank’s image, and it had been long supervised by the
Indonesia Deposit Insurance Corporation for rehabilitation
purposes, giving it no chance to take a proactive approach
to increasing loans and deposits. This led to the insuffi cient
volume of loans and deposits per branch compared to
other banks. An additional weakness was an average
deposit interest rate higher than the level of competitors.
However, putting it another way, BJI could turn into
a profi t-making structure by offering deposit interest
rates and lending interest rates on the same level as com-
petitors. We rebranded by changing the bank’s name from
PT Bank Mutiara Tbk. to BJI, strengthened the fi nancial
base by increasing capital and transferring non- performing
loans (NPLs), invited a Japanese manager experienced in
the local fi nancial business to the area and leveraged his
networks to strengthen sales capabilities, which we believe
completed the base of revitalization.
In fi scal 2016, the business improved despite
greater-than-planned operating loss
Operating loss in fi scal 2016 was 7.8 billion yen, due to
BJI’s provision of allowance for doubtful accounts and
recording of amortization of goodwill in line with BJI’s
acquisition. The operating loss was larger than the planned
1.8 billion yen. However, looking at trends in main indices,
there are signs of moving to a profi t-making structure cen-
tering on regular banking operations. On a monthly basis,
operations have improved to the extent that losses have
moved into profi t and we forecast an operating income of
0.3 billion yen in fi scal 2017.
By raising BJI’s capital adequacy ratio to 18%, it has
resumed loan screenings and extension that had been put
on hold due to an insuffi cient capital adequacy ratio. The
average lending interest rate went from 9.99% in June
2015 to 11.37% by the end of fi scal 2016 and the deposit
interest rate went from 8.43% to 7.84%. This led to an
increase in net interest income.
In December 2015, we welcomed Mr. Ritsuo Ando, who
won The Best CEO in Leadership in Indonesian Banking
Awards 2013, as a director. In Indonesia, customers tend
to select banks based on sales personnel, so leveraging
Mr. Ando’s network and expertise to strengthen the sales
team is increasing operating assets, and, in fact, the
balance of operating assets has exceeded 10 trillion
rupiah. The loan-to-deposit ratio improved from 76% to
Net Interest Income of Bank JTrust Indonesia
(Billions of IDR)
(Millions of yen)
rupiah. The loan-to-deposit ratio improved from 76% to
Operating Income/Loss of Financial Business in Southeast Asia
100
80
60
40
20
06/2015 9/2015 12/2015 3/2016
Shigeyoshi AsanoManaging Director, Executive Officer in
charge of business in Southeast Asia
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Financial Business in Southeast Asia
*SAM team: Special Asset Management team
Operating assets (left axis) NPL ratio (right axis)
JTII Statements of Income(Millions of yen)
4/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/2015 11/2015 12/2015 1/2016 2/2016 3/2016
12,000
10,000
8,000
6,000
4,000
2,000
0
8
6
4
2
0
8,073.58,315.7 8,380.6 8,408.1
8,634.4 8,865.68,437.4
8,717.3
9,387.0 9,387.09,812.2
10,056.7
Contribute to interest income for FY2017
SAM team* suc-cessfully prevented assets from turning
into NPL.
92%. Meanwhile, non-performing loans were transferred
to PT JTRUST INVESTMENTS INDONESIA (JTII) from BJI
and enabled the NPL ratio to decrease to 1.9% by the
end of fi scal 2016.
Due to a three-month timing difference in account
closing, there is a quarterly delay in consolidation in the
fi nancial business in Southeast Asia. Thus results from
January to March 2016 will be refl ected in the April-June
quarter of fi scal 2017.
3Q 2016 (July–Sept.
2015)
4Q 2016 (Oct.–Dec.
2015)Fiscal 2016
(Full-year)
Operating revenue (collected amount)
— 291 291
Operating income (loss)
(11) 148 136
Ordinary profi t (loss)
(31) 176 144
Net income (loss)
(31) 129 97
*Non-consolidated results under J-GAAP (before consolidation adjustment) Results of 4Q FY2016 are based on the fi nancial statements ended December 31, 2015 due to a timing difference in account closing within 3 months.
Loan-to-Deposit Ratio of Bank JTrust Indonesia
100
90
80
70
60
50
04/2015 6/2015 8/2015 10/2015 12/2015 1/2016 3/2016
76%
92%
Receivable collection business JTII profi table
from its fi rst fi scal year of operations
JTII, which had assigned NPLs from BJI, began receiv-
ables collection business in earnest from November
2015. Receivable collection experts were dispatched
from Japan and trained local personnel on collection
expertise and developed collection offi cers. As a result of
utilizing collection expertise accumulated in Japan and
South Korea, the business was profi table from its fi rst
year in operation.
Operating Assets and NPL Ratio of Bank JTrust Indonesia(Billions of IDR) (%)
(%)
30 J Trust Co., Ltd. Annual Report 2016
Highly Experienced Management Team at Bank JTrust Indonesia
COLUMN
Establishing a multi-finance company with strategic partner Group
Lease PCL
In April 2016, JTRUST ASIA PTE. LTD. and Group Lease PCL (GL) jointly
established PT Group Lease Finance Indonesia (GLFI), a multi-fi nance com-
pany to engage in the hire-purchase fi nancing business for consumers in
Indonesia. GLFI will contribute to Indonesian development through providing
hire-purchase fi nancing of such items as agricultural equipment, solar panels
and home electronics.
Looking ahead, the Company will also work with GL to build a fi rm collaboration base in the hire-purchase
fi nancing business in Indonesia, leading to growth in the leasing industry and consumer fi nance business in other
ASEAN markets. Moreover, BJI will seek opportunities to enhance the high-quality loan balance and increase its
revenue through providing fi nance, so synergetic effects can be expected.
President Commissioner
J Trust Senior Managing Director,
Executive Officer
Worked for 26 years for Japan’s
Ministry of Finance
Director
Former President Director, PT Bank
Nusantara Parahyangan
Worked for 37 years in the finance
and banking industry
Advisor
J Trust Executive Officer, in charge of
business in Indonesia
Worked for 20 years in the Japanese
finance industry
Working to increase BJI’s deposit and loan
assets
BJI has a heavy reliance on large-lot accounts, which
means that the average deposit interest rate was high
compared to competitors. To improve this, it has taken
measures including the introduction of an Internet bank-
ing system to increase CASA accounts and lower cost of
funds through acquiring deposits from overseas. As part
of these measures, THE SAIKYO BANK, LTD., which is
BJI’s partner, has started offering Indonesian rupiah-linked
deposits in Japan from July 2016.
Looking ahead, to respond to the rapid expansion of
small- and medium-sized companies and salaried
employees in conjunction with Indonesian economic
growth, we will provide comprehensive fi nancial services
such as car loans, mortgages, and card services, etc.
We will also proactively invest in IT infrastructure to
incorporate Internet banking, mobile banking and
branchless banking.
Moreover, we will also provide fi nance for the multi-
fi nance company we established jointly with Group Lease
PCL (GL).
In these ways, we will increase the balance of deposits
and loans at BJI as well as contribute to the economic
development of Indonesia and Southeast Asia.
Nobiru Adachi Ritsuo Ando Teruhiko Miwa
31J Trust Co., Ltd. Annual Report 2016
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The J Trust Group develops its own content and engages in the
general entertainment business across the Group.
The J Trust Group is looking to develop the overseas real estate
business by leveraging the Group’s base in Southeast Asia.
General Entertainment Business
Real Estate Business
The general entertainment business operates amusement
arcades and produces and sells prizes for game
machines, centering on areas around stations in the
Tokyo metropolitan area. We proactively conduct collab-
orative events featuring popular anime characters at
existing stores. Going forward, we will expand the type
of operation through development of original content in
addition to content business using existing facilities. We
In the real estate business, the Group conducts the
ready-built residential housing business and real estate
asset business. We are also aiming to conduct a global
real estate business by leveraging our Group’s business
aim to establish a group-wide general entertainment
business by utilizing ADORES’s original content in devel-
oping Japanese game machines conducted by Highlights
Entertainment.
As part of its efforts to cover sales from existing busi-
ness, ADORES also generates new business, such as its
tie-up with OLIVE SPA that began in March 2016. Please
refer to the Column section for details.
base in Southeast Asia with Japanese-style quality of
planning and construction capabilities for residential
housing and commercial facilities.
COLUMN
Synergetic effects of the tie-up with OLIVE SPA
In March 2016, ADORES entered a tie-up with OLIVE SPA, which operates the
OLIVE SPA relaxation salons in 34 locations across Japan, mainly in the Tokyo
metropolitan area.
Under this alliance, OLIVE SPA will accelerate its business development while
controlling investment costs as it aims to expand earnings through further store
openings, while ADORES will leverage the store development expertise it has
cultivated over many years in operating stores in the Tokyo metropolitan area.
Sub-leasing stores are expected to boost earnings, while there are also expecta-
tions of business expansion for Keynote’s commercial facility construction business by carrying out interior and
exterior fi nish work needed when OLIVE SPA opens a store.
32 J Trust Co., Ltd. Annual Report 2016
J Trust Group seeks synergetic effects with strategic partners
In June 2016, the J Trust Group started the bitcoin exchange as a new
financial service.
Investment Business
Other Business
JTRUST ASIA (JTA) conducts the investment business
and management support of investees, mainly in
Singapore. In December 2015, JTA exercised rights to
convert convertible bonds from Group Lease PCL (GL)
and acquired 6.43% of its outstanding shares. In May
2016, JTA proposed a subscription of GL’s convertible
bonds to the value of 130 million USD.
GL provides hire-purchase fi nancing primarily for
motorcycles and agricultural equipment, based on its
own business model called Digital Finance Platform, in
Thailand, Cambodia and Laos. GL’s Digital Finance
Platform is a creative and innovative fi nancing model,
featuring IT technology adopted throughout sales bases
called Point of Sales (POS). It enables GL to leave
competitive fi nance companies far behind in terms of
Other business conducts the commercial facility con-
struction business and IT system business. In June 2016,
J Trust Fintech (JTF), a subsidiary of the Company,
launched a Bitcoin Exchange “J-Bits.” J-Bits’ strengths
lie in a complete tie-up with Coin Portal, one of the
leading Japanese bitcoin information websites, operated
by JTF. This allows instant access to a wide array of
information useful for investment decisions while provid-
ing competitive rates and strictly managing customer
information. We are always thinking about what is neces-
sary for customers as we aim to provide the world’s
safest bitcoin exchange.
profi tability, business growth rate and overseas
expansion.
JTA and GL jointly established the multi-fi nance
company PT Group Lease Finance Indonesia (GLFI),
expecting the Digital Finance Platform to drive the growth
of lease business and consumer fi nance business in
Indonesian and ASEAN markets. GLFI will become an
equity-method affi liate and with Group company Bank
JTrust Indonesia providing fi nancing is expected to
increase the bank’s high-quality loan balance and
contribute to its earnings.
Looking ahead, with GL as a strategic partner, we will
expand business in the Southeast Asian region where
growth is remarkable, and develop business by
maximizing synergies.
33J Trust Co., Ltd. Annual Report 2016
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