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Japan Financial Services Agency’s Efforts To Promote Innovation

Date 07/07/2021

In order to create highly convenient services through digital innovations, the Financial Services Agency (JFSA) adequately identify regulatory and technological issues and address them in an integrated manner through FinTech Innovation Hub. As a specific initiative, we will introduce the “FIN/SUM”, a global symposium on FinTech, contribution to the Blockchain Governance Initiative Network (BGIN), and efforts on governance issues in decentralized financial system through Blockchain Multilateral Joint Research Project.


What’s New

July 7, 2021

FinTech Innovation Hub Report 2nd edition

FinTech Innovation Hub Report

"FinTech Innovation Hub" was established in July 2018 to deepen understandings about latest technologies and business trend in FinTech for the better policy making.
FinTech Innovation Hub has been conducting a wide range of activities including exchange of opinions with diverse stakeholders, global conference such as FIN/SUM and Meetup with FSA, and Multilateral Joint Research Project. This report gives overview on FinTech Innovation Hub activeties.

[Reports]

FIN/SUM

Since 2016, JFSA has been organizing “FIN/SUM,” jointly with the Nikkei Inc. The aim of this event is to advocate to the global community the current developments and growth inherent to the Japan’s FinTech, and to create a global eco-system and new form of cooperation and collaboration among various FinTech stakeholders, in which Japan serves as a hub.

FIN/SUM 2016

September 20-21, 2016

FIN/SUM 2017

September 19-2, 2017 (JFSA Symposium: September 21)

FIN/SUM 2018

September 25-28, 2018 (JFSA Symposium: September 27)

FIN/SUM 2019

September 3-6, 2019 (JFSA Symposium: September 5)

FIN/SUM 2021

March 16-18, 2021 (JFSA Symposium: March 17)

* Sponsor: Nikkei Inc. Cooperation: Financial Services Agency, Fintech Association of Japan, EY Japan
* The Financial Services Agency does not guarantee the contents of the presentation at the Ideathon in any way.

G20: Efforts on Governance Issues in Decentralized Financial Systems

Blockchain Governance Initiative Network [BGIN]

A Decentralized financial system underpinned by blockchain could attain full P2P (Peer to Peer) financial transactions without intermediaries. While such systems can offer a variety of opportunities and benefits, they could also undermine the ability to enforce existing regulations.
As stated in the G20 Osaka Leaders' Declaration under Japan's presidency (June, 2019), a consensus has been reached on the issue of governance of decentralized financial systems based on blockchain technology and the importance of strengthening dialogue with a wide range of stakeholders, including regulatory authorities and engineers.

Based on this belief, on March 10, 2020, a special online panel discussion has been held at Blockchain Global Governance Conference [BG2C], which is a global conference on blockchain and cohosted by JFSA and Nikkei, Inc.

In the panel discussion, Shin'ichiro Matsuo (Research Professor, Georgetown University) made public the launch of a new global network named "Blockchain Governance Initiative Network" (BGIN - pronounced 'BEGIN').
 
JFSA contribute to the activities of BGIN as one of the stakeholders by leveraging our experience in dialogues and collaborations with various blockchain stakeholders.

Outline of BGIN

BGIN aims at providing an open and neutral sphere for all blockchain stakeholders to deepen common understanding, address issues they face in order to attain sustainable development of the blockchain community. Their goals are tentatively set out as noted below.
 

  1. Creating an open, global and neutral platform for multi-stakeholder dialogue
  2. Developing a common language and understandings among stakeholders with diverse perspectives
  3. Building academic anchors through continuous provision of trustable documents and codes based on an open source-style approach
  • For further infromation, please visit BGIN Official Website and register for its mailing list. All BGIN documents are on its GitHub repository for public discussion.

BGIN related information

Road to BGIN

[1] FIN/SUM 2018

 Websites and videos are listed above.

[2] Blockchain Round-Table

March 27 and 28, 2019

* JFSA has convened BCRT using the outputs of JFSA's "Multilateral Joint Research Project [MJRP]" (see below).

[3] G20 Finance Ministers and Central Bank Governors Meeting (Fukuoka: June 9, 2019)

[4] FIN/SUM 2019

 Websites and videos are listed above.

[5] Blockchain Global Governance Conference [BG2C]

(Some sessions were held on March 10, 2020; others were held on August 24 and 25, 2020)


*In addition, some JFSA officials participated in the following blockchain stakeholder dialogues.

Multilateral Joint Research Project

JFSA has been conducting blockchain Multilateral Joint Research Project since 2017. The research aims to gain in-depth knowledge about underlying technological risks and provides the basis of agenda items for Blockchain Round-Table for the purpose of developing policy implication. The outcomes from the research will be one of the contributions by JFSA for further dialogue at BGIN. 

[Research papers]

* The views and opinions expressed in the papers do not necessarily reflect the official policy or position of JFSA

 

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