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Japan to raze barriers in financial-sector overhaul

Regulation by service type, not industry, would serve as guiding principle

Fintech and conventional finance would be put under equal footing under the new regulatory regime.   © Reuters

TOKYO -- The walls between banks and nonfinancial companies would come tumbling down under planned Japanese rule changes designed to put different providers on an equal footing.

An interim proposal that would regulate by type of service, rather than the industry that an operator belongs to, won approval on Monday from a Financial Services Agency council. The hope is that the overhaul will enable enterprises to change business models freely, subject to appropriate oversight.

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