Japan's FSA sets up payments council on financial innovation

Source: Financial Services Agency

Payment system reform and enhancement of payment services are significant to our economy. In the midst of the recent FinTech developments, it is important to drive forward reform on payment systems and take actions for FinTech innovation with strong resolution to improve customers’ convenience and enhance the international competitiveness of our economy.

The report published by the Working Group on Payments and Transaction Banking of the Financial System Council last year left it a future task to put into practice the payment system reform and enhancement of payment services with a joint effort by public and private sector.

Thus, the Financial Services Agency establishes a "Payments Council on Financial Innovation," aiming to set up a framework in which members from financial sector, industry, consumer and government work together to follow up the progress of the action plan agreed by the aforementioned Working Group and deliver payment system reform and payment service innovation continuously.

2. Members (Japanese alphabetical order without honorific titles)

  • Hidehito Iio, Senior Executive Officer, The Shizuoka Bank, Ltd.
  • Shinsaku Iwahara, Professor of Law, Waseda Law School
  • Takakazu Uchida, Managing Officer, General Manager, Finance Division, Mitsui & Co., Ltd.
  • Mitsuo Uchida, General Manager of Systems Department, The Shinkumi Federation Bank
  • Yuri Okina, Vice Chairman of the Institute, The Japan Research Institute, Ltd.
  • Masatoshi Kato, General Manager, Small and Medium Enterprises Development Division, Japan Chamber of Commerce and Industry
  • Yasuko Kouno, Secretary General, Consumers Japan
  • Yuka Koga, Vice President, Financial Services Division, Financial & Payment Services Company, Yahoo Japan Corporation
  • Jutaro Kobayashi, Director General, Planning Department, The Center for Financial Industry Information Systems
  • Keisuke Takishima, Director & Executive Officer, Sales Division, WELLNET CORPORATION
  • Naoki Tamura, Chairman of the Planning Committee, Japanese Bankers Association (Managing Director, Sumitomo Mitsui Banking Corporation)
  • Takashi Choraku, Executive Director, Japan Payment Service Association
  • Hajime Tomura, Associate Professor, Faculty of Political Science and Economics, Waseda University
  • Iwao Toriumi, Senior Manager, International Bankers Association of Japan
  • Seiji Nakano, General Manager, Payment Solution Development Department, UC Card Co., Ltd.
  • Toshiaki Hama, Director, Global Cash Management, Finance Division, Corporate Finance Unit, Fujitsu Ltd.
  • Kazuhisa Hayashi, Manager, Account Service Department, Business Service Division, AEON Integrated Business Service Co., Ltd.
  • Fumiyo Fujii, Managing Director, North Pacific Bank, Ltd.
  • Hideyuki Maekawa, Director, The Tama Shinkin Bank
  • Hideo Makino, Vice President, Accounting & Finance Development, Global, Kao Corporation
  • Tetsuo Morishita, Professor, Sophia University Law School (chair)
  • Akira Yamagami, Managing Director, Head of Global Financial Business Unit and Singapore Branch, NTT Data Institute of Management Consulting, Inc.
  • Shinzo Yoguchi, Director & Secretary General, Japan Consumer Credit Association

*The council will invite other experts as necessary. 

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