Olive Launches New "Money Assist" Feature
Sumitomo Mitsui Financial Group, along with its subsidiaries Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Card, announce the addition of "Money Assist" provided by Sumitomo Mitsui Card to the product lineup of the comprehensive financial service "Olive" offered to individual customers.
"Money Assist" is a service that allows customers who have Olive Flexible Pay Credit Mode to borrow within a loan limit of 50,000 yen multiple times, with no fees and no interest. Repayment is made in a single payment the month following the month of use. The service can be used entirely through smartphones from application to borrowing and repayment, with funds deposited into the Olive account.
Additionally, as an optional feature of "Money Assist," a "Backup Function" is available that automatically borrows from a card loan facility (18.0% interest rate) when there are insufficient account funds during payment deductions for Olive Flexible Pay Credit Mode or Money Assist, preventing payment delays.
Service Overview
By newly providing "Money Assist," Olive aims to resolve various money-related concerns such as temporary account balance shortfalls and funding needs before payday, providing an environment where customers can use various financial services more conveniently and freely through Olive.
Money Assist & Backup Function Overview
| Feature | Money Assist | Backup Function |
|---|---|---|
| Eligible Users | Available to those who can use Olive Flexible Pay Credit Mode and are aged 20-74 | Same as Money Assist application, with preference selection during application |
| Reception Hours | 24 hours, 365 days | Same |
| Application Method | Through Sumitomo Mitsui Bank app or Vpass app | Same |
| Credit Limit | 50,000 yen (fixed) | 50,000-200,000 yen |
| Interest Rate | 0% | 18.0% |
| Borrowing Method | Apply for borrowing through dedicated page accessed from Sumitomo Mitsui Bank/Vpass app (transfer to Olive account) | Automatic borrowing when payment delays occur (offset against overdue amount) |
Going forward, Olive will continue to jointly consider and implement further functional enhancements and strengthened collaboration with external companies and non-financial services to provide highly convenient services to SMBC Group customers.
Norbert Gehrke
