SMBC’s popular “Olive” app enters next growth phase with new features

Sumitomo Mitsui Financial Group (SMBC Group), Sumitomo Mitsui Banking Corporation (SMBC), and Sumitomo Mitsui Card announced the addition of new features to the integrated financial service for individual customers, “Olive,” which has been offered since March 2023.

“Olive” is a new financial service that seamlessly combines functions such as bank accounts, card payments, financing, online securities, and online insurance on a single app. Olive has now introduce three new features, including Japan’s first fixed amount automatic transfer service offered by a major bank, and gradually roll them out, starting from March 18, 2024.

Fixed Amount Automatic Transfer Service

This service, gradually rolling out from March 18 onwards, automatically transfers a specified amount from the customer’s personal account at another financial institution to the designated primary ordinary deposit account of the Olive account every month. The service is free of charge. By using this service, customers can move funds between their personal accounts without the need for manual transfers or remittance procedures.

Up to three automatic transfers can be set up per account, with either the 5th or 27th of each month chosen as the transfer date (if the date falls on a bank holiday, the transfer will occur on the next business day). The transfer minimum is JPY 10,000, and the maximum is JPY 1m. Fund will be credited to the Oliver account four business days after the transfer date.

Olive Account Tier Switching Function

Previously, if customers wished to change their Olive account tier, they had to cancel their existing Olive account and reapply for the desired tier. With the new function, existing users can freely switch between the regular, gold, and platinum preferred tiers without canceling their account (subject to separate screening requirements). This function will be rolled out gradually from April 8 onwards.

Family Card Issuance

Family cards will become available for the Olive Flexible Pay service, with the gradual rollout starting on April 16. The Olive family card is a credit mode-only card with a permanent annual fee waiver. The card face will be a numberless design without a printed card number, and the design will vary based on the account rank. Card information can be accessed through the SMBC app or Vpass app, allowing for purchases without the need for a physical card. Charges made with the family card will be combined with the primary cardholder’s Olive Flexible Pay usage and deducted from the designated settlement account.

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