The Financial Services Agency is laying the groundwork for a regulatory overhaul that could lead to a shake-up in Japan's ¥1 quadrillion banking industry.
The agency is examining how to change the legal framework so that all providers of financial services are subject to the same rules — a move that would allow emerging companies such as technology startups to compete directly with traditional financial institutions.
For banks, the revamp could end their monopoly on deposit-taking and lending but also free them up to enter new businesses.
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