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First Comprehensive Policy Recommendations Concerning FinTech Titled “FinTech Vision” Compiled

In July 2016, the Ministry of Economy, Trade and Industry (METI) established an Advisory Council on Challenges and Future Directions Concerning FinTech (Advisory Council on FinTech), and since then the council has been discussing the possible impact of FinTech on Japanese society and economy, challenges, future policy directions from the perspectives of high-level business executives and other stakeholders. In light of opinions and other ideas offered by practitioners and experts involved in the field of FinTech, the council compiled a comprehensive report containing recommendations titled “FinTech Vision.”

1. Background

In recent years, worldwide businesses have been tending to provide innovative financial services through advanced technologies, e.g., Internet of Things (IoT), big data and artificial intelligence (AI), collectively called “FinTech.” As one of the efforts to address this trend, in October 2015, METI established the Study Groups on the Integration of Industry, Finance and IT (Study Group on FinTech). Since then, the study group has held meetings and in March 2016 went on to release the discussion results. Following this, in June 2016, METI established the Advisory Council on FinTech. The council comprehensively discussed issues in the field of FinTech to which the government of Japan is committed, including recognizing challenges, ideal states that Japan should achieve and basic directions of policies; and, finally compiled a comprehensive report containing recommendations titled “FinTech Vision,” concerning the field of FinTech.

2. Outline of the Fintech Vision

The Fintech Vision is composed of three chapters as follows.

Chapter 1 of the report ascertains what FinTech changes and what drives these changes, and gives an overview of the trends that society seeks globally to define by the term “FinTech.”

Chapter 2 examines the effects of FinTech on Japan’s economy and society from the viewpoints of individuals (households) and companies, as users of financial services, and shows ideal states of the FinTech society that Japan should achieve.

Chapter 3 shows challenges to be overcome in order to realize the ideal states in the FinTech society, and offers recommendations of policy measures.

Along with the report, METI also released a video clip as below titled “FinTech Life: Money Changes, Society Changes,” describing how FinTech changes people’s everyday lives through image pictures.

Note: The original data of this video clip is available. If you wish to access it, please contact the following division.

Appendices

Release date

May 8, 2017

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
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