FinTech developments in Japan and reform of the Banking Act

Author: Taku Umezawa

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Publisher: Nagashima Ohno & Tsunematsu

Journal / Book: NO&T Japan Legal Update No.6 (August, 2016)

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*Please note that this newsletter is for informational purposes only and does not constitute legal advice. In addition, it is based on information as of its date of publication and does not reflect information after such date. In particular, please also note that preliminary reports in this newsletter may differ from current interpretations and practice depending on the nature of the report.

I. Introduction
On June 3, 2016, the Reform Act of the Banking Act (the ‘Reform Act’), which includes amendments to the Banking Act of Japan, was enacted. Scheduled to be implemented by no later than June 3, 2017, the Reform Act contains important deregulation measures that will have a significant impact on the business relationships between banks and FinTech companies. This article summarizes some of the notable changes to the existing regulatory frameworks that will impact on the FinTech environment in Japan.

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