Fintech firms to partake in Japan's bank transactions - report

Wednesday, 05. August 2020 13:24

The Japanese Bankers Association (JBA) is looking to include the fintech companies in the country's bank transfer system as early as the start of fiscal 2021, Nikkei reported on Wednesday.

Bank transfers and payments are currently processed by the network of banks and credit unions established by the JBA, and allowing the fintech firms access to it could cut the transaction fees, the report read.

The decision to involve other subjects in the transactions came after the Japan Fair Trade Commission expressed concerns over JBA's high prices and "closed membership."

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