January 25, 2018
While Japan’s FinTech industry stumbled upon challenges of various natures – economic, cultural, regulatory – the situation is set to change with the government taking a course to facilitate the development and adoption of innovative technologies in the country. In 2016, the country took a course to relax restrictions for financial institutions to take stakes in non-financial firms, which have previously been restricted to 5-15%.
Having the advantage of a bad experience (Mt. Gox), shining legacy in the robotics industry, and historical wisdom to nurture success with limited resources, Japan has the opportunity to become an attractive market for innovation adoption. Estimates suggest that Japan’s FinTech startups could jump to over half a billion dollars by 2020 as the use of technology increases.
Japan does not intend to work alone in reaching its goals. The country’s financial watchdog has been actively forming ties with the most advanced authorities to explore cross-border opportunities.
In March 2017, for example, the Financial Services Agency (FSA) of Japan and the Monetary Authority of Singapore (MAS ...