This can just be one of the many ongoing projects in Japan which is catapulting the country to be the main leader for blockchain innovations. I am sure there are many more projects in the planning stage and would soon be implemented. It is always amazing how Japan embraces the blockchain technology and how it is promoting Bitcoin for its citizens and merchants alike.
There would be many big benefits a country can gain from blockchain technology since it is a big revolution and can impact all areas of concerns from business to governance and all other things in between. It is a big shame that a big country like USA seems to be afraid of the amazing changes that blockchain can bring and so they passed the same opportunity to other countries.
In the coming years, Japan will be the center for Bitcoin innovations and new applications for the blockchain technology can spring out of Japan for other countries to follow (at a price of course).
Topic: [2017-07-05] Bitcoin-Friendly Japan will Open a FinTech Testing Hub (Read 3327 times)
July 05, 2017, 07:15:40 AM
Japan’s financial regulator will establish a FinTech hub to provide a framework enabling industry startups to test new innovative financial services.
A report in the Nikkei on Wednesday has revealed that Japan will install a ‘testing hub’ for financial technology startups and companies to trail new services. Established by the Japanese Financial Services Agency (FSA), the hub will help enable developers and regulators to understand hurdles in the way of the FinTech industry’s growth and identify legal concerns that need to be adhered to.
Expected to launch this summer, the FinTech hub is likely to be the ‘precursor’ toward a regulatory sandbox – a testing environment commonly seen with FinTech-forward countries including the likes of Singapore, the United Kingdom and Australia, among others.
Notably, the FSA is also working with the Japanese Bankers Association (JBA) in shaping its FinTech foray. The regulator will play the part as a ‘liaison’ between FinTech firms and banks. The JBA, a working group of all 252 domestic and foreign banks in Japan, is already experimenting with financial technologies with the development of a common blockchain platform to be used by the country’s banks for domestic money transfers.
The soon-to-be-launched hub will include testing of blockchain technologies. Today’s report also adds that tests are expected to last six months to two years, providing valuable ‘insights for commercializing fintech services.”
Digital Payments Drive
The marked effort toward commercial FinTech services comes at a time when the Japanese government is pushing its agenda for the growth of digital payments in the country. Japan is playing catch up to the likes of China and Korea, who see over 50% of their populous adopting cashless payments. Japan, in comparison, is a relatively meager 19%.
The remit from the Japanese government sees a FinTech growth strategy that aims to double that adoption rate, to 40%, during the next decade. Retail bitcoin payments are already a reality in Japan. Earlier in April this year, Japanese legislation recognized bitcoin as a legal method of payment akin to prepaid cards or gift certificates. Major retailers are working with bitcoin startups to develop payments solutions, a move that could ultimately see up to 300,000 Japanese stores equipped to accept bitcoin this year.
https://www.cryptocoinsnews.com/japan-will-open-fintech-hub-enable-commercial-adoption/
A report in the Nikkei on Wednesday has revealed that Japan will install a ‘testing hub’ for financial technology startups and companies to trail new services. Established by the Japanese Financial Services Agency (FSA), the hub will help enable developers and regulators to understand hurdles in the way of the FinTech industry’s growth and identify legal concerns that need to be adhered to.
Expected to launch this summer, the FinTech hub is likely to be the ‘precursor’ toward a regulatory sandbox – a testing environment commonly seen with FinTech-forward countries including the likes of Singapore, the United Kingdom and Australia, among others.
Notably, the FSA is also working with the Japanese Bankers Association (JBA) in shaping its FinTech foray. The regulator will play the part as a ‘liaison’ between FinTech firms and banks. The JBA, a working group of all 252 domestic and foreign banks in Japan, is already experimenting with financial technologies with the development of a common blockchain platform to be used by the country’s banks for domestic money transfers.
The soon-to-be-launched hub will include testing of blockchain technologies. Today’s report also adds that tests are expected to last six months to two years, providing valuable ‘insights for commercializing fintech services.”
Digital Payments Drive
The marked effort toward commercial FinTech services comes at a time when the Japanese government is pushing its agenda for the growth of digital payments in the country. Japan is playing catch up to the likes of China and Korea, who see over 50% of their populous adopting cashless payments. Japan, in comparison, is a relatively meager 19%.
The remit from the Japanese government sees a FinTech growth strategy that aims to double that adoption rate, to 40%, during the next decade. Retail bitcoin payments are already a reality in Japan. Earlier in April this year, Japanese legislation recognized bitcoin as a legal method of payment akin to prepaid cards or gift certificates. Major retailers are working with bitcoin startups to develop payments solutions, a move that could ultimately see up to 300,000 Japanese stores equipped to accept bitcoin this year.
https://www.cryptocoinsnews.com/japan-will-open-fintech-hub-enable-commercial-adoption/
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