Japan actively explores financial technology

nnAlthough the progress of Japan in the area of ​​the chain chain in the Asia-Pacific region is not significant, but recently seems to have accelerated the trend of exploration and development. In addition to large banks and joint financial technology companies to carry out the relevant plans to the Japanese Prime Minister as the representative of government officials have also expressed support for the field. Therefore, these initiatives and arguments will be how to promote the development of financial technology in Japan is very worth the wait.n
nTranslated by: Inan
Japanese banks and politicians are increasingly enthusiastic about financial technology, have developed a number of API, artificial intelligence, digital currency and block chain ambitious plan, while preparing for the venture company financing, deregulation.n
According to “Nikkei Asia Review” reported that Mitsubishi Tokyo UFJ Bank will be September 25 for the smart phone APP developers and similar digital services to open a website. The program is intended to co-operate with companies that may work with, and then “provide such developers with access to customer accounts, such as making transfers through APIs or viewing transaction details.” This is a typical example of a large bank seeking to work with a financial technology company.n
The Nikkei Asia Review also reported that Mizuho Financial Group and Softbank will begin offering Japan’s first AI-driven personal loan service.n
n”This AI will be based on the applicant ‘s bill to pay records and other information to assess its credibility, can be issued within 30 minutes of loans.n
nAs people are increasingly interested in digital money, Japanese banks are beginning to follow this trend. They plan to create their own digital currency by 2020, which may be called J Coin (which is not currently in the exact name), and users will be able to use this currency to shop or redeem money through a smartphone.n
Mitsui Sumitomo Financial Group (SMFG) will work with Yahoo Japan to set up a company to analyze the data of bank customers. Yahoo’s technology will “use the deposit balance and other instructions to analyze people’s potential demand for financial products.”n
This month, Nomura Securities set aside $ 100 million to invest in US start-up companies. It also established a partnership with Voyager in April to invest 10 billion yen ($ 91.7 million) to support Indian start-up companies.n
In addition to these noteworthy initiatives, SBI is also taking action. The group has recently become a key member of R3 and has developed a block-based payment service in partnership with Siam Commercial Bank. It is clear that SBI’s interest in the block chain is more pronounced.n
Prime Minister expressed supportn
In addition, Japanese Prime Minister Shinzo Abe also made some positive comments on the industry.n
He told the New York Stock Exchange on September 20 that the Japanese government would relax control of some start-up companies to promote innovation.n
Abe said:n
n”It is unpredictable to be able to predict which kind of supervision will be conducted when people want to experiment with unprecedented, such as the use of new financial services through financial technology.”n
nAs for the sandbox plan, Japan started slightly in this regard, many countries have already carried out this initiative. But Abe said in his speech that Japan is also advancing the process of a regulatory sandbox program.n
n”We will make a sandbox so that some participants can experiment with the new business for a period of time and do not need to comply with the existing regulations.”n
Close the lock, see you againn
If you like history, you may know that Japan has a “closed-door policy”. According to the Encyclopedia Britannica, this is Japan’s policy of banning Japan from foreign trade in the 1630s and is an important event in its external relations.n
Although it is not that Japan is now in isolation, but some people are calling for more attention to the global financial technology situation.n
Michael Harte, Head of Innovation at Barclays Group, told the Nikkei Asia Review that if Tokyo wants to become a global financial center, its start-up will be able to play a global role. There are some people who hold similar opinions.n
“Japan ‘s financial technology companies are rarely able to enjoy overseas coverage of their services or technology,” said Hirano Nobunaga, chief executive officer of Mitsubishi UFJ Financial Group (MUFG) and president of the Bank of Japan Association.n
According to Deloitte’s April report on the global financial technology center, Tokyo is lagging behind Singapore, Hong Kong and Sydney from the Asia-Pacific region.n
Last year, Japan’s turnover in this area was $ 87 million, less than 1% of the global total ($ 17.4 billion). About 80% of transactions occurred in China and the United States.n
However, in addition to Abe’s positive commentary, the Nikkei Asian Review also pointed out that Tokyo Mayor Kobayashi Yuko “enthusiastically expressed the construction of Tokyo’s financial technology center.” These remarks will lead to what kind of action and results? We can wait and see.n

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