By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Japan looks to kickstart ‘fintech’ revolution
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Japan looks to kickstart ‘fintech’ revolution

Farouk Mohammed
By Farouk Mohammed
Published: March 27, 2016
Share
2 Min Read
SHARE

TOKYO (Reuters) – A laggard in embracing the ‘fintech’, or financial technology, revolution, Japan is set to ease investment restrictions that could free up the flow of capital in an economy sitting on an estimated $9 trillion in individuals’ cash deposits.

Strict regulation, easy access to credit due to rock-bottom interest rates, and weak demand for innovative financial services from a risk-averse population that still prefers cash to credit cards, have strangled fintech’s advance in Japan.

Fintech ventures – usually start-ups leveraging technology from cloud data storage to smartphones to provide loans, insurance and payment services – raised $2.7 billion in China last year, and over $1.5 billion in India, according to CB Insights data. Ventures in the United States attracted investment of around $7.4 billion.

In comparison, investment in Japanese ventures reached only around $44 million in the first nine months of 2015.

- Advertisement -

Now, Japan’s financial industry regulator hopes relaxed rules on investing in financial ventures, and a new system for regulating virtual currency exchanges will pass through parliament by May – a first step in kickstarting the fintech revolution in the world’s third-biggest economy.

“The law changes aren’t a goal, but a first step,” Norio Sato, a senior official at the Financial Services Authority (FSA), told Reuters. “Fintech will have a big impact on financial services.”

The changes, which will allow banks to buy stakes of up to 100 percent in non-finance-related firms, will free up Japan’s three megabanks to enter into tie-ups with fintech ventures developing services including robotic investment advisory and blockchain, the decentralized ledger technology behind the bitcoin digital currency.

Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have said they are eyeing such investments, having previously been restricted to holding stakes of only 5-15 percent in start-ups.

- Advertisement -

Under pressure from weak loan demand, the megabanks see an opportunity to earn money through fintech, but are also aware of its potential to disrupt traditional business models.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Police Arrest 100 Persons For Looting in Sabon Gari Market Fire Outbreak
Next Article Presidency to Begin Town Hall Meetings Across Nigeria – Garba Shehu

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Two Firefighters Killed in Idaho Wildfire Ambush as Gunman Opens Fire
International
FG Rewards 18 Civil Servants with Cars, Laptops for Outstanding Service
News
FG Allocates N1.6tn to States, FCT for Infrastructure and Security Over 15 Months
News
PDP Crisis Deepens as Rival Factions Prepare for Separate NEC and National Caucus Meetings in Abuja
Politics Top stories
Dangote Refinery Unveils N720bn CNG Truck Fleet to Slash Fuel Costs, Save Nigeria Over N1.7trn Annually
Energy & Oil
- Advertisement -
Ad imageAd image

You May Also Like

Security

Nigerian Troops Neutralize Terror Kingpin Mai Dada, Recover Arms in Multi-Region Operations

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
News

NNPP Welcomes Possibility of Rabiu Kwankwaso Joining APC Amidst Ganduje’s Resignation

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
InternationalNews

Tinubu’s State Visit to Saint Lucia Marks Historic Diplomatic and Cultural Engagement, Presidency Clarifies

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?