Government considers deregulation of remittance services Finance and IT fusion November 13 5:33
In response to the progress in the fusion of finance and IT, the government is considering deregulation, such as considering remittance services exceeding 1 million yen at a time, which are only allowed by banks, but also for businesses other than banks. I decided to proceed.
Remittance services by businesses other than banks are increasing every year against the backdrop of the spread of “Fintech” that integrates finance and IT, but remittances exceeding 1 million yen at a time are accepted only by banks. There is a voice calling for deregulation.
Regarding this, the government discussed the response at the Future Investment Conference on the 12th, imposed an obligation to pay deposits to the Legal Affairs Bureau etc. according to the amount handled, and also transferred remittances exceeding 1 million yen to businesses other than banks I decided to consider it in the direction of recognition.
In addition, for remittance of small amounts of tens of thousands of yen or less, we will try to improve convenience by excluding the obligation of deposit.
In addition, over the intermediaries that handle financial services such as asset management and insurance, the current system, which requires permission and registration for each field such as banks and securities, has been revised, and once registered, it can handle services in all fields The policy is to implement deregulation.
The government aims to submit a draft amendment to the law necessary for next year's ordinary Diet session, and will conclude a concrete plan within the year.