This report draws insights from the roundtable discussion which took place during the Japan FinTech Festival 2024.
22 July 2024 - This report draws insights from the "Unlocking Japan's potential - building a thriving financial and FinTech ecosystem" roundtable at the Japan FinTech Festival, exploring a blueprint for revitalizing Japan's financial sector and transforming it into a leading FinTech hub on the global stage. The discussion generated actionable insights for the industry, addressing four central themes, including:
Theme 1: The background of Tokyo's journey in the global financial arena
Global financial centers, including New York and London, are challenged by rising competition from cities like San Francisco and Los Angeles, reflecting a shift towards digital finance. Tokyo's decline on the global financial center ranking prompts discussion on revitalization through FinTech and government support. Despite setbacks, Japan remains optimistic, aiming for efficiency and innovation in its financial sector with a focus on internationalization and Fin Tech development.
Theme 2: Drivers of a modern finance hub
Growth of financial hubs is fueled by several pillars, some highlighted in the discussion are substantial capital, a skilled talent pool progressive regulations, entrepreneurship mindset and interconnectedness facilitating collaboration from across the world.
Theme 3: The strengths and challenges of Japan to become a modern hub
Japan, with its significant history in the finance industry, can leverage its original strengths such as Government bonds, near-zero interest rates, and its dedication in regulation and trustworthiness. However, there remain hurdles to overcome such as slow decision-making processes, a culture of underselling, and the language barrier that needs to be addressed to unlock its full potential.
Theme 4: Strategic recommendations to position Japan as a leading financial center Positioning Japan as a leading financial hub requires a strategic blueprint and the incorporation of successful use cases. Making Tokyo a starting point to execute the blueprint, Japan's unique culture and its dedication in technology and trustworthiness need to be integrated to embrace an inclusive approach to attract global talent and investments.
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