Japan has been a straggler when it comes to fintech breakthroughs. However a new initiative from the country’s financial regulator could see the world’s third largest economy start to catch up.
In a recent report news agency «Reuters» has laid out the details and background on new initiatives that will soon be approved by the Japanese parliament, opening up the sector.
Among the planned adjustments will be a legislation allowing Japanese banks to acquire fintech/startup firms and let them begin to implement new services using robo advisory and blockchain technology.
Maturing Asian Fintech Scene
Fintech, you would have thought, represented a perfect target for the third Abenomics restructuring arrow, a low hanging fruit that should have been pierced several years ago.
However with vibrant regional hubs in Hong Kong, Australia, Singapore and China already well down the fintech road, the Japanese innovators will need to move quickly and throw a lot of investment into the startup scene.
One obvious target for innovation will be the vast dormant savings held by Japanese savers and the potentially lucrative opportunities of tapping into that seam.
