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Title: Why Fintech Is Not Changing Japanese Banking
Authors: Iwashita, Naoyuki
Author's alias: 岩下, 直行
Keywords: cashless payment
digital divide
digital transformation
financial inclusion
internet banking
Issue Date: Jul-2022
Publisher: Wiley
Journal title: Asian Economic Policy Review
Volume: 17
Issue: 2
Start page: 297
End page: 310
Abstract: Several years have passed since fintech first attracted attention in Japan. Although various new fintech services have emerged due to deregulation and policies to promote fintech's development and adoption, the overall composition and functioning of Japan's financial industry has not changed significantly despite fintech advances in other economies. The industry in Japan continues to be dominated by face-to-face interactions and has experienced little digitization. In Japan, sophisticated financial services were available before the widespread use of the internet, and most people have resisted conducting financial transactions using their smartphones. In addition, there has been almost no progress in digitizing accounting work in corporations. However, this stagnation in digitization on the demand side of financial services is changing for several reasons. Digitization in the government sector and the introduction of a new invoice system in 2023 will provide an opportunity for change. This time, Japan's financial services should undergo a significant digital transformation.
Rights: This is the peer reviewed version of the following article: [Iwashita, N. (2022), Why Fintech Is Not Changing Japanese Banking. Asian Economic Policy Review, 17: 297-310.], which has been published in final form at This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited.
The full-text file will be made open to the public on 22 April 2024 in accordance with publisher's 'Terms and Conditions for Self-Archiving'.
This is not the published version. Please cite only the published version. この論文は出版社版でありません。引用の際には出版社版をご確認ご利用ください。
DOI(Published Version): 10.1111/aepr.12390
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