Japan

It will launch in October which coincides with the October consumption tax hike.

MUFG will cut new hires by 45% as it aims to halve the number of teller-operated branches.

Fintech firm PayPay is setting aside $91m of reward points to incentivise usage.

Customers can now deposit larger sums of money.

MUFG Bank and Mizuho Bank will halt international cash remittances from June.

Users can avail of lower fees for foreign currency exchange than credit card or cash.

Underperforming lenders may be requested to close down branches.

They are also calling for commercial banks to expand beyond traditional banking.

Hanko or personal stamps are being phased out.

The Japanese megabank is scaling down its physical retail network.

Capital market participants and market infrastructure providers around the world are working to assess and apply emerging technologies. The results of the Celent Global Exchange CIO Survey released in July 2018 found that a high level of respondents were tackling emerging technologies. More than 70% of respondents said that they were already using or working on pilots when it came to cloud, artificial intelligence, robotic process automation, and blockchain technologies.

Bank users may continue to send money overseas online through a stricter process.

This represents the latest move by banks into aircraft finance which offers better returns than straight corporate loans.

Lenders may soon be allowed to temporarily hold over 5% in small firms.

Foreign securities account for up to 47% of total securities suggesting a larger risk appetite.

The regulator said that it had uncovered ‘serious’ problems at the bank’s branches.