The closure illustrates the challenges facing digital banks in the US.
Highlights:
- SMBC announces the closure of its US digital bank, Jenius.
- The shutdown affects account holders and digital banking services.
- This move underscores the difficulties facing digital banks in the US market.
Sumitomo Mitsui Banking Corporation (SMBC) is winding down its US-based digital bank, Jenius.
The closure impacts customers who have been using Jenius for their banking needs.
This decision reflects broader trends and challenges within the digital banking sector in the US.
As competition increases, many such banks are reevaluating their presence in the market.
