Fintech market in Japan
The growth of the popularity of the fintech market in Japan began a few years ago. Financial technology is an industry that consists of companies that apply innovation in their activities to compete with traditional banks and intermediaries in the market. Some technology start-ups and large companies also consider themselves to be fintechs.
Features of Fintech in Japan
The number of fintech companies in Japan is constantly growing. This country is actively introducing innovation in all areas related to the provision of financial services. Enterprises connected with cryptocurrencies, rendering services in the sphere of cashless payments, and payments using mobile applications are being developed.
The regulatory authority for innovative products is the FSA. METI is the regulator for some payment services, such as credit cards. The execution of transactions for investment funds contributing their resources in securities or financial instruments is considered a business for operations with financial instruments. According to the law, the registration of a financial company in Japan is obligatory if it is planned to provide financial services or work with securities.
Financial services are considered to be financial transfer operations, which usually require a banking licence under the laws of banks. A financial licence may be required for transferring funds.
It may be concluded that financial regulators and those responsible for implementing financial technologies support the development of high technologies. In order to work in this sector, you need to obtain a permit. To consult on the regulation of the company's financial institutions, please contact our specialists at IT-OFFSHORE for more information.
How to incorporate a company
The most relevant areas of financial technology in the country are cryptocurrencies, cashless transfers, financial accounts and the creation of robots consultants. The introduction of such areas as insurance and peer-to-peer lending is expected.
In Japan there is a large number of companies that provide mobile payment services. This sphere attracts a large number of investors. It is profitable to open a company in Japan - this country is stable economically and politically. Before registering a company it is necessary to find a name for a legal entity, to collect the required documents, as well as to have a share capital and a registered office.