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Japan’s Financial Services Agency Announced 10 Key Findings of National Fintech and Blockchain Practices

Abstract : Five key findings in fin-tech experimental process were announced by FSA’s top financial regulator. The findings include sufficient data privacy protection, Fintech Innovative Lab establishment for future technology support, relevant regulations and policies formulation for demands of different industries, digitalization of financial monitoring and infrastructure, and dealing with global events.

ChainDD
ChainDD

Sep 09

From September 3rd to 6th, the 2019 Fintech&Regtech summit was held by Japan’s Financial Services Agency (FSA) and the Nikkei in Tokyo, Japan. Five key findings in fin-tech experimental process were announced by FSA’s top financial regulator. The findings include sufficient data privacy protection, Fintech Innovative Lab establishment for future technology support, relevant regulations and policies formulation for demands of different industries, digitalization of financial monitoring and infrastructure, and dealing with global events.

It was worth noticing that Toshihide Endo summarized 10 key findings which are shown as follows:

AI·Data Utilization

1. AI based model with big flow data to boost the development of online trust fund;

2. Flexible usage of data from financial institutions for better understanding of changes in the financial market;

3. Simplify data structuring process, enhance model engineering and verifying technology, as well as relevant development;

Blockchain

4. Necessity to address challenges in public blockchain and to cooperate with wider stakeholder in the decentralized financial system;

5. Measures to improve security of public blockchain, especially digital currency transactions;

6. More use cases in permissioned B2B-based blockchain for combination of finance and commodity flow;

API

7. Measures to achieve effective API authentication and international API security goals;

8. User cases of API cooperation within the financial industry, or API cooperation with multiple parties;

Business innovation

9. Social-supportive fin-tech that provides a business support platform for various activities such as lending and M&A;

10. Development of shared technologies or new technologies generated from enterprise collaboration for use cases of digitalization progress and innovation enhancement.

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