Global economy issues and best practices in FinTech discussed in Japan
In Tokyo, Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, and Haruhiko Kuroda, Governor of the Bank of Japan, discussed developments in the FinTech sector, risks to the global economy and economic issues of relevance to Japan and the euro area.
‘Japan is one of the world’s major economies, thus it was interesting and useful to learn how it is stimulating its economy and tackling other challenges that have spread beyond national borders. Together with Mr Kuroda we have also discussed risks to the global economy, placing great emphasis on the development of the Fintech sector in Japan and across Asia in general,’ said Vitas Vasiliauskas.
The Bank of Lithuania delegation also met with representatives of Japan’s Ministry of Finance, Financial Services Agency and FinTech Association, which has a membership of more than 200 companies. During the event at the Lithuanian Embassy in Tokyo, the representatives from the Bank of Lithuania will present measures aimed at stimulating FinTech development in Lithuania.
‘During our visit we have shared Lithuania’s best practices in the field of FinTech regulation with the authorities supervising Japan’s financial sector as well as market participants. Being open to financial innovation, we are among the top three euro area countries offering the most favourable business environment. Lithuania has the potential of becoming a gateway for the FinTech companies in China, Singapore and other South East Asian countries seeking access to the European market,’ said Chairman of the Board of the Bank of Lithuania.