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2021 | OriginalPaper | Chapter

9. Fintech: Toward a New Era of Finance

Authors : Jumpei Miwa, Yusaku Matsui

Published in: The Economics of Fintech

Publisher: Springer Singapore

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Abstract

In several years, we often see the term “FinTech” in major economic newspapers and magazines, and it is now widely conceived to the general public at large.

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Some people refer to it as “TechFin” in the sense that technology changes financial services.

See the National Bankers Association website (https://www.zenginkyo.or.jp), etc.

Payment Services Act (Act No. 59 of 2009).

A person other than a bank, etc. who engages in exchange transactions of not more than the amount equivalent to one million yen in the course of trade. In order to engage in the funds transfer service, he/she shall obtain registration from the Prime Minister in advance pursuant to Payment Services Act.

Nobuchika Mori (2017) “Will fintech create shared values?” Speech at Annual Tokyo Conference of the Center on Japanese Economy and Business, Columbia Business School on May 25, 2017 (provisional translation). For details, please refer to the FSA website.

See G20 Finance Ministers and Central Bank Governors Statement (provisional translation) (July 21–22, 2018: Buenos Aires, Argentina) (see the Ministry of Finance website).

The G20 Finance Ministers and Central Bank Governors Statement (provisional translation) (March 17–18, 2017, Baden-Baden, Germany) (see the Ministry of Finance website).

See, e.g., JPMorgan's Demon Sees Facebook to Google Challenging Bank, (Bloomberg May 7, 2014) (https://www.bloomberg.com/news/articles/2014-05-06/jpmorgan-s-dimon-ses-sees-faciebook-to-gogiccalling-bank-online).

Aggregated value based on data published on the websites of Aeon Bank, Seven Bank, Jibun Bank, Japan Net Bank, Sumishin SBI Net Bank, Sony Bank, Daiwa Next Bank, Rakuten Bank, and each company.

See materials prepared by Japan Payment Service Association in the Financial System Study Group of the Financial System Council (the second session of the business year of October 25, 2018).

The Act on Partial Amendment of the Banking Act to Respond to Environmental Changes such as the Advancement of Information and Communications Technology (enacted on May 25, 2016, promulgated on June 3, 2016).

The Act on Partial Amendment of the Banking Act, etc. (enacted on May 26, 2007, promulgated on June 2, 2007).

See the FSA website for the status of registration of electronic settlement agents.

The JBA established the Review Committee on Open APIs, published the “Report of Review Committee on Open APIs: Promoting Open Innovation” (released in July 2017; also published in English), and also published the “Message Specification Standards.” In addition, the Open API Promotion Study Group was established to design the template of the API agreements between two parties and published it in July 2018. For details, see JBA website.

As of February 2019, five cases had been tested through the PoC Hub, four of which have already been published on the FSA website.

See FSA website (https://www.fsa.go.jp/singi/singi_kinyu/tosin/20180619.html).

See FSA website (https://www.fsa.go.jp/singi/singi_kinyu/tosin/20190116.html).

See JFSA website.

See http://www.finsum.jp.

See FSA website: Minutes of “FIN/SUM2018 (https://www.fsa.go.jp/singi/finsum2018/finsum2018.html).

See https://tokyo2018.scalingbitcoin.org/ja.

Title: Fintech: Toward a New Era of Finance
Authors: Jumpei Miwa
Yusaku Matsui
Publisher: Springer Singapore
Book: The Economics of Fintech
Print ISBN: 978-981-334-912-4

Electronic ISBN: 978-981-334-913-1

Copyright Year: 2021
DOI: https://doi.org/10.1007/978-981-33-4913-1_9