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.
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