Backpack and Minna Bank explore yen services for Japan exchange

The agreement was announced on November 12 by Minna Bank, a digital banking subsidiary of Fukuoka Financial Group, and Trek Labs Japan, the Japanese subsidiary of the group operating Backpack. The initial proposal would use Minna Bank’s Banking as a Service infrastructure to connect the bank’s existing systems with Backpack’s trading platform.

The companies said they are considering broader cooperation, including tokenized deposits—digital representations of bank deposits that remain claims on the issuing bank—and other blockchain-based financial products. They are also examining whether Backpack’s investment services could be made available through Minna Bank’s mobile application. Further details are expected as discussions continue.

Minna Bank has pursued similar Web3 partnerships. In June, it signed an agreement with Singapore-based Slash Vision to develop stablecoin payment services, including yen deposits and withdrawals through the Slash App. The plans also included possible conversions between tokenized deposits and stablecoins such as USDC.

Trek Labs Japan, established in April 2023 and headquartered in Tokyo’s Shinjuku district, is preparing to register as a cryptocurrency exchange operator. Japanese firms need regulatory authorization to offer domestic crypto trading. Backpack operates internationally with a self-custodial wallet and a centralized trading platform; in January 2025, it acquired FTX EU after receiving the relevant approvals.

Japan has also been adjusting its digital-asset rules. In August, Nomura-backed Laser Digital became the country’s first newly registered exchange-service provider in approximately four years. The Financial Services Agency has proposed bringing cryptocurrencies under financial instruments regulations and identified on-chain finance—including blockchain payments, securities settlement, tokenization and cross-border transfers—as a priority in its 2026 policy program.