FinTech

Creating financial services that make use of IT (information technology). It is a coined word from the United States that combines ""Financial"" and ""Technology"" and it is said to have developed since the Lehman shock in 2008. New services such as settlement · remittance · asset management · big data utilization are appearing one after another, and from 14 to 15 years, the settlement service ""Smart Pay"" (Apple Pay) ""Android Pay"" (Android Pay) Began. Also in Japan, the FSA will begin revising related laws such as the Banking Law to allow domestic financial companies to actively incorporate FinTech into their business, and to submit a revised plan to the ordinary Diet in early March 2004 . FinTech A new financial service using IT (information technology) such as the Internet and artificial intelligence. A coined word combining ""Finance"" and ""Technology"". Although most businesses are IT companies, they are also called ""neobanks"" because they instantaneously provide services such as settlement, loans, asset management, stock trading, and so on carried out by traditional financial institutions beyond national borders. In response to the Lehman shock in 2008, the company has grown steadily on behalf of services provided by existing banks or filling gaps. In 2002, about 1.4 trillion yen of investment in the world gathered in FinTech related companies. Approximately three times the year-on-year rate, vigilance has been raised that it could shake the global financial system. On the other hand, there are also views that the impact on traditional financial institutions, mainly megabanks, is limited because the current situation is service for retailers and individuals. In overseas settlement, transactions by PayPal (Paypal) online settlement established in 1998 and bit coin developed in 2009 are spreading, but Japanese IC chips built with galapagos Mobile phones (Osaifu-Keitai) are also said to be a kind of Finetec · pioneer. Many of FinTech, which are growing in recent years, are supported by a new technology called a block chain. It is a mechanism that unspecified number of servers record and distribute encrypted transaction data, and there is an advantage that it is easy to find falsification and fraud while it is low cost. Also, even if one server goes down, other servers complement each other, so theoretically the transaction will not be interrupted. On the other hand, because there is no central management agency and monitoring by the monetary authorities is overwhelming, there is also the problem of becoming a hot bed for criminal acts such as money laundering. At the end of 2003, the US securities market Nasdaq began hiring, and in March 2004 the Japanese government also decided to adopt the Banking Law and the Wage Settlement Law aimed at protecting users and preventing diversion to terrorist funds on the premise of FinTech The Cabinet decided a revision proposal.

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