Fintech : Japan wants to boost revolution in technology finnancially . country should reduce restrictions on investment that can free up the capital Strict regulation has been choking out financial innovation in the world’s third-biggest economy.
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
After a slow adoption of business financial technology, fintechs, Japan should reduce restrictions on investment that can free up the flow of capital in an economy that is sitting on about $ 9 trillion in deposits.
The strict regulation, easy access to credit due to very low interest rates and weak demand for financial services from a population risk averse still prefer cash to cards strangled the advancement of fintechs in Japan.
The fintechs - usually startups developing technologies from data storage in the cloud to smartphones to provide loans, insurance and payment services - raised $ 2.7 billion in China last year and more than $ 1.5 billion India, according to CB Insights data. The joint US attracted investments of about 7.4 billion dollars.
In comparison, investment in Japanese ventures reached only 44 million dollars in the first nine months of 2015.
Now the regulator of the financial sector in Japan expects more flexible rules for investment and a new system for exchange regulatory virtual coins to be presented to Parliament in May - the first step for the kickoff in FinTech revolution in the third largest economy in the world .
