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Finance

Japan moves to spur growth in fintech sector

TOKYO -- Legislation aimed at aiding growth in Japan's financial technology sector passed the Diet Wednesday, paving the way for banks to acquire technology-driven startups.

Currently, banks are not allowed to own more than 5% of nonfinancial companies. The cap is set at 15% for bank holding companies. The revision to the Banking Law eases this rule, pending case-by-case government authorizations, if the funds are directed toward enhancing financial services through the use of information technology.

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