Japan Mulls Rule Changes That Could Pave Way for Banks to Invest in Online Payments
Feb. 26, 2015
Japanese regulators are considering relaxing rules that will help the country’s banks compete more effectively against non-bank online payment services, according to a Reuters report. The rule change would loosen restrictions on the kind of businesses bank holding companies can own, allowing them to invest more heavily in technology companies, the report said.
“Japan’s banking business model has been based on traditional industrial finance and that’s not a good fit for today’s customer needs,” Ryoji Yoshizawa, analyst at Standard & Poor’s in Tokyo, told the news service. “It’s positive they will be able to get more involved in online retail businesses, for instance,” he added.