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Fintech Market Overview

This article does not constitute legal advice.

Client identification in Japan

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The Public Identity Verification Act of Japan enables individuals to utilize e-certificates for personal authentication. This can be done by applying at a local government office for an individual number card, also known as 'My Number'. All people registered with their local governments and living in Japan are given a unique 12-digit My Number; the purpose being to streamline administrative processes and enhance public convenience through the use of a unified identifier across social security, tax, and other areas.1

The use of this service was previously limited to administrative procedures such as tax returns and registry applications, but recent amendments to the Public Identity Verification Act have allowed private businesses certified by the Minister of Internal Affairs and Communications to use it. As a result, the public identity verification service might become more widely used for online banking and shopping.1

Digital onboarding in Japan

Fintech in Japan

Fintech in other countries

Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/japan
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