Goldman Sachs Group Inc. said it is launching a transaction banking business in Japan, offering services such as deposits, cash management and cross-border payments to corporate clients in the world's third-largest economy.

The move comes as the global economic slowdown hits investment banks, leading some to seek new sources of revenue. Goldman aims to win a wave of deal banking mandates from Japanese companies over the next few years, including tapping those it already has close relationships with through services such as mergers and acquisitions advisory.

The financial giant recently completed the development of a cloud-based business system that will be used for its transaction banking services. Japan is the first market in Asia where Goldman Sachs offers transaction banking services.

Japan's large local banks, as well as foreign banks such as Citigroup and jpmorgan Chase, now have a large share of the country's corporate finance management and overseas corporate remittances market. Goldman is hoping to quickly expand its transaction banking business in Japan by promoting staff from its investment banking arm.

The bank has already begun receiving inquiries about its new business from major trading houses and technology companies that have invested overseas. "Our goal is to win licenses from 100 companies in the next few years," said Masanori Mochida, president of Goldman Sachs Japan.

Goldman currently has no plans to launch a retail banking operation in Japan.