Proposed Law in Japan For FinTech

Found this proposed law in Japan very interesting – for Financial Services Intermediary Business operator (FSIBO).

It’s basically a single registration system that allows 4 types of major fintech services​: Banking / Lending / Securities / Insurance​, as long as it’s an intermediary business.

It’s like a law for Ant Group…

Or for PayPay (backed by SoftBank).


To list a few details here:

FSIBO is not required to be sponsored by a principal institution​

A FSIBO is required to make a security deposit at a public deposit office before commencing its services to secure the payment of potential damages to its clients.

FSIBO can offer only those conventional products or services that do not need a sophisticated explanation to the clients​

The FSIBO must disclose fees or remuneration to be received from financial institutions or other matters upon clients’ request. The FSIBO is generally prohibited from receiving deposit from clients in relation to its intermediation service with financial institutions.​

FSIBO is subject to further requirements depending on the financial sector where the FSIBO provides its services