BOJ Governor says the bank may explore fintech in operations

Governor of the Bank of Japan Haruhiko Kuroda speaking in a seminar hosted by the bank on "fintech" today, revealed that the central bank may apply fintech to its operations in the future given its progressing  influence on global payments, settlements, and financial services.

According to the reports by Reuters, the central bank is ready to pilot research and analysis in order to promote fintech industry in Japan since it has "various implications" for central banking, Kuroda stated.

"The BOJ is ready to make its best efforts to support the sound development of fintech to enhance the welfare of financial service users as well as economic activities," he said as reported by Reuters.

The official announcement stated that fintech can encourage mutual feedback between financial activities and high-end technologies, including cryptographic techniques. Moreover, financial education and literacy are needed to promote the sound development of fintech. The bank is ready to make its best efforts in order to support the sound development of fintech, to enhance the welfare of financial service users and economic activists.

“In order to promote the development of the new financial services that we have come to call fintech, it is extremely important to realize positive and interactive communication among a broad spectrum of entities that go beyond the traditional financial industry to include IT enterprises, retailers, start-ups and others. I sincerely hope that today's Forum will contribute to all the participants in terms of sharing new insights and perspectives,” Kuroda stated in the official announcement.

Recently, Bank of Japan’s Deputy Governor revealed that the central bank will research on the impact of blockchain technology on financial market infrastructure.