08
NEWS Japan: FinTech cooperation, not disruption
toppled by digital alternatives, but must be wary of keeping public trust as FinTech becomes more mainstream. That’s according to Bank of Japan’s Head of Payment and Settlement Systems, Hiromi Yamaoka.
C
Bank of Japan established its own FinTech department in April to offer guidance to the country’s banks and, while there are no plans to experiment with new technology like blockchain, FinTech is an area that could potentially “revitalise” Japan’s economy.
New technology, Yamaoka states, is a boon for companies struggling to maintain the costs of branches and ATMs. The Japanese public still by and large trust their financial institutions, which went largely unaffected by the 2008 crisis, meaning that FinTechs should attempt to cooperate with them, rather than disrupt them.
entral banks are in no danger of being
“In a country like Japan, where the public has confidence over the banking system, it’s important to create an environment where banks and start-ups work together,” he says. “One of the trends of FinTech is the possibility of providing financial services by smart- phones without any ‘brick and stone’ infrastructure. In that trend, the heavy infrastructure of ATMs and branches means it’s difficult to gain a competitive advantage [without digital benefits].”
Alex Hamilton Brits don’t know their notes
on the back of English banknotes, according to Barclaycard research. In the latest of a long, long line of surveys thrown out by the banks and card schemes to convince us that cash is falling out of favour, a poll of 2,001 people found that “only 31%” were aware Sir Winston Churchill featured on the reverse of the new polymer fiver, although, bearing in mind that the note just launched, 31% is pretty good going, no?
S
55% believe that the figures on the back of banknotes should be changed every 10 years to keep them fresh. 51% say the space should be reserved for scientists and inventors, with 36% opting for philanthropists and a quarter choosing prominent authors. Despite Britain’s success at the recent Olympic and Paralympic Games, only 17% feel sportspeople are worthy of banknote status, with actors and actresses proving even less popular, polling just 9%. Florence Nightingale, William Shakespeare and Sir
ix in ten Brits can’t name the iconic figures
Isaac Newton came out top in terms of ‘new faces’ that should appear on fivers, tenners etc.
Of course, the research also flags up a sizeable increase (24%) in the number of Brits opting to pay by electronic methods such as chip and PIN, contactless and mobile in favour of cash compared to 12 months ago. Three in ten are paying with notes less often compared to 2015 with a fifth planning to decrease their use even further in the next year. So there you go.
Scott Thompson
www.ibsintelligence.com © IBS Intelligence 2016
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
