A Fintech delegation has headed to Japan as part of a trade mission organised by UK Trade & Investment.

Japan is ramping up its fintech initiatives to help reform its existing financial services sector, which currently makes it difficult for new players to enter the market and inhibits local entrepreneurial growth.

The country has made inroads to allow greater flexibility in financial services, particularly in the remittance market. Since 2010, new entrants have entered this space including UK fintech startup World Remit, which will be launching services this year.

The rise in new mobile payments firms are also helping to disrupt the country’s banking sector.

Among the FinTech startups selected for the trip are Innovate Finance members Azimo, City Falcon, FundApps, Money Mover, Prophis, World Remit and Yoyo Wallet.

Commenting on the mission, Innovate Finance CEO Lawrence Wintermeyer, said: “The trade mission to Japan will showcase the UK talent that is helping to reform banking and hopefully inspire the Japanese financial markets to do more to change their financial systems and support more fintech innovation.”

The trade mission runs until December 2nd and includes briefings with Mitsubishi Estate, The Bank of Tokyo and NTT.

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