Japan is one of the most high-tech economies in the world. Technology incorporation has been a constant theme across most industries in Japan. Naturally, the financial sector is expected to have the same trend of technology incorporation, and the financial sector in Japan is providing FinTech solutions to meet the financial needs of the modern consumer. The average Japanese consumer leans heavily on the use of technology for a number of daily transactions.
The population is generally highly tech-savvy, and smartphones or other internet-enabled devices are excessively used as people go about their day. For things such as payments across a myriad of services and urban places, day planning or navigation, smartphones are frequently the medium of choice.
With the advent of 5G services, a number of disruptions along the financial landscape have been expected. A study reveals that the Japanese economy is primed for more innovative FinTech solutions. As digitization increases with the arrival of 5G connectivity, modern solutions such as cryptocurrency-based financial solutions and open banking systems that are already on the horizon will get a further boost.
Japan is among the top economies of the world, and as such, there is a lot of room for a variety of new digital services and FinTech solutions to emerge in the market. The 5G infrastructure will bring the much-needed impetus as it will serve as a backbone of communication across a large number of smart devices.
Even the traditional financial service providers are increasingly looking towards the incorporation of more technology into their services. They are investing in FinTech opportunities that the Japanese market provides by backing J-coin projects and developing futuristic financial services for the Asian markets.
Besides the financial sector, 5G technology will allow Japan to really amp up its infrastructure and urban services ahead of the 2020 Olympics. There are talks of autonomous trains, buses, and cars for visitors who’ll be coming to Japan from all over the world to witness the Olympic Games. Furthermore, the administration has plans of providing 5G services to the visitors in the stadium and other central areas, so the Olympic experience of the visitors is enhanced.
Investments into technology and digitization have already been a growth driver for a number of firms across the services sector.
Japan has set a reputation for being technologically ahead of most of its peers and of being highly tech-savvy. It seems it is looking to really live up to its reputation as it invests into technological solutions across different sectors ahead of the Olympic Games.
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