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Economy

Tokyo probes banks' hefty transfer fees

Various handling charges suspected of shutting out fintech startups

For decades, banks have been largely left on their own to regulate a system that governs money transfers in Japan.

TOKYO -- The Japanese antitrust watchdog has begun investigating whether fees charged by the interbank funds transfer system act as a barrier to entry for such newcomers as financial technology companies, Nikkei has learned.

The nationwide network, Zengin, lets banks make domestic funds transfers online. Fees charged are largely set by financial institutions.

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