Download our updated Fintech report for the latest developments in this sector in Japan.
The Booming Fintech Market Means Great Opportunities for Doing Business in Japan
Since late 2015, Fintech has been booming in various sectors in Japan. More specifically, the Financial Services Agency (FSA) and other governmental agencies have been attempting to change existing laws for:
- Financial groups owning non-financial subsidies
- Digital currency
- Pre-paid services
- The Electronically Recorded Monetary Claims Act
In the following report, five challenger banks (online banking) were interviewed on areas for potential collaboration with UK companies. Although all the banks showed interest in collaborating in multiple fields, each placed particular importance on security. There is also increasing interest in financial infrastructure linking other countries and Japan, such as overseas remittance services for expats in Japan, and bank withdrawals and loyalty programs targeting foreign tourists in anticipation of the coming 2020 Olympic Games and the increased number of visitors. A few of the banks also brought up the necessity of financial education as the financial market looks set to develop further.
The report covers the following topics:
- Fintech trends in Japan from August 2015 through to March 2016
- Government initiatives
- Endeavours of the big Fintech players in the market
- Fintech technologies sought by challenger banks
Currently, Japan is right in the middle of a large Fintech boom. The information provided in the report on government initiatives, endeavors being pursued by banks, and the various interests and concerns of challenger banks will prove to be a useful point of reference and assist in the consideration of market entry into Japan.
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