Japan has become the latest major jurisdiction to hint it could require its banking sector to open up and allow access to innovative third-party providers.
Shigehiro Kuwabara, an executive director at the Bank of Japan, told a conference on Tuesday that the industry is at a “turning point” and traditional institutions need to move away from a “principle of self-sufficiency”.
“Both traditional financial institutions and fintech companies continue to launch new services by introducing ideas more flexible and more diverse than we have ever seen,” he said at the Fintech Forum in Tokyo.
“This trend has the potential to significantly change the business models of the financial industry.
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