METI
Font Size Change
S
M
L
Easy Web Browsing tool

Advisory Council on Challenges and Future Directions concerning FinTech (Advisory Council on FinTech) is to be held.

The Ministry of Economy, Trade and Industry (METI) will hold a Advisory Council on Challenges and Future Directions concerning FinTech (Advisory Council on FinTech) in order to compile a comprehensive report and recommendations on both the impacts of FinTech on the economy and society and the challenges and future directions concerning FinTech.

1. Purpose

This Advisory Council aims to deepen deliberations on the impacts of FinTech* on corporate activities, the economy, and society, clarify challenges that must be addressed in order to have this movement lead to economic and industrial development, and review measures to be taken by the public and private sectors toward that end. In particular, members are expected to intensively deliberate preferable business strategies in the FinTech era and means to create innovation. METI will compile a comprehensive report and recommendations on FinTech based on these deliberations and will publicize them this summer.

*“FinTech” is a term combining “Finance” and “Technology,” meaning a movement wherein innovative financial services using advanced technologies create new industries and change money flow.

(Reference: Relevant deliberations at METI to date)
METI has held the Study Group on the Integration of Industry, Finance and IT (Study Group on FinTech) since October 2015. With the participation of practitioners in diverse fields and positions, deliberations have been made broadly on FinTech-related issues. This April, METI compiled the details of the deliberations and basic data, and called for domestic and international feedback for the purpose of obtaining information and opinions on FinTech from a wide range of perspectives.

2. How to proceed with the review

  1. Members
  2. Issues
    1. How to understand the impacts of FinTech on economy and society
      Global trends, the cultural context of Japan and international comparisons (societal challenges and potential and existing needs), etc.
    2. What problems should be solved to have FinTech bring about the development of economy and industry
      Business environment, competitive or cooperative environment, utilization of information, IT system, technologies, innovation, etc.
    3. How the public and private sectors should make efforts for solving such problems
      Development of a business environment such as policies and systems, efforts taken in the private sector, etc.

    3. Project plan

    1. Date and time of the meeting
      • First meeting: 10:00-12:00, Friday, July 1, 2016
      • Second meeting: 13:00-15:00, Thursday, July 28, 2016
      • This summer: Publication of the report
    2. Planned topics
      Topics for the first meeting
      1. How participants recognize the impacts of FinTech on the economy, society and business management, etc.
      2. What matters participants (as financial institutions or FinTech companies, etc.) consider as business challenges amid such environmental changes
      3. What policies and development of a business environment are necessary for dealing with further environmental changes in the future

      Release date

      June 24, 2016

      Division in Charge

      Industrial Finance Division, Economic and Industrial Policy Bureau

      Related Information

Ministry of Economy, Trade and Industry1-3-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8901, Japan Tel: +81-(0)3-3501-1511
Copyright Ministry of Economy, Trade and Industry. All Rights Reserved.