To ‘Innovate or perish’ is a maxim that is sometimes overused but the sentiment might be true for the financial sector as a result of FinTech developments. The likely transformative effect on the industry will create both challenges and opportunities and the impact may affect all sizes of firms and both well-established and new market players. Regulators will also need to take into account different practices and have a fit for purpose regulatory system in place.
In the fourth seminar in our series on Fintech, Yuri Suzuki and Hiroyuki Sanbe, both partners from Atsumi & Sakai who specialise in this area, will give a presentation focusing on Fintech developments in Japan including:
· A discussion about the state of the FinTech eco-system in Japan and the role of regulators, industry, organisations and various other stakeholders
· Recent changes to the Banking Act and the Payment Services Act including the new legislation for virtual currencies
· Other regulatory issues that FinTech innovators will need to take into account
Mr. Shuji Kobayakawa, Associate Director General, Bank of Japan
In February 2016, the Financial Stability Board added Fintech to its list of priorities. The FSB is currently examining whether the growing FinTech sector presents any risk to the financial system. They want to assess if the international regulatory frameworks are able to manage systemic risks that may arise from this type of technological change.
In this third seminar in our series on Fintech, Mr. Shuji Kobayakawa will present views from the BOJ and central banks on the possible impact Fintech may have and areas of opportunities and challenges. His presentation will include:
· Recent trends in FinTech: unbundling and rebundling.
· Common interests in central banking: digital currencies and blockchain.
· Opportunities and challenges from central bank’s perspectives.
