The Bank of Japan (BOJ) returns talking about the adoption of financial technology in their system in a seminar hosted at their HQ in Tokyo July 29. This comes after the central bank announcement this year in April to have established an in-house section at the BOJ in charge of fintech to explore the opportunities and to offer guidance to financial institutions seeking to step into the fintech market.
Haruhiko Kuroda, BOJ Governor, declared that the Japan’s central bank may apply financial technology to its operations in the future considering its rising importance of international payments and financial services, adding that “the BOJ is ready to make its best efforts to support the sound development of fintech to enhance the welfare of financial service users as well as economic activities”.
According to Reuters, Japan is now as planning to ease investment restrictions aiming to increase the money invested in an economy that has an estimated $9 trillion of individuals' cash deposits and with Japanese banks now looking to increase their profitability through fintech.
The rapidly growing interest of governments and financial regulators can help to sustain the good momentum reached in the market and can be seen in a positive way for the financial technology industry. Asia may have been slower initially but it’s now quickly catching up not only with Japan, but also with Thailand, Singapore and Malaysia that have all taken good steps forward in order to get the most out of the financial revolution happening with fintech. Players in the area are advised, good opportunities are foreseeable in the upcoming months.
About the author - Alessandro Ravanetti
Alessandro is Co-founder & CMO of Crowd Valley. He has worked in the fintech industry, with marketplace investing and lending, since 2011. Has built and managed digital companies with distributed teams and international partners, and gained experience with both startups and large corporations, having worked with British Telecom, Bloomberg and the Grow VC Group.
Alessandro grew up in Italy, where he graduated with a B.A. in Economics at University of Parma, before to obtain a M.S. in Finance at Regent’s University London. He studied and worked in many different cities, including Munich, Geneva, London, Barcelona and Valencia. Genuinely passionate about financial technology and innovation, he loves to spend his spare time traveling and discovering new cultures. You can find him on Twitter at @aleravanetti.
Alessandro is Co-founder & CMO of Crowd Valley. He has worked in the fintech industry, with marketplace investing and lending, since 2011. Has built and managed digital companies with distributed teams and international partners, and gained experience with both startups and large corporations, having worked with British Telecom, Bloomberg and the Grow VC Group.
Alessandro grew up in Italy, where he graduated with a B.A. in Economics at University of Parma, before to obtain a M.S. in Finance at Regent’s University London. He studied and worked in many different cities, including Munich, Geneva, London, Barcelona and Valencia. Genuinely passionate about financial technology and innovation, he loves to spend his spare time traveling and discovering new cultures. You can find him on Twitter at @aleravanetti.
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