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Where are Japan's neo banks?

Lack of fintech innovation severely disadvantages consumers

| Japan
Japan's market is still dominated by the big three: MUFG Bank, Sumitomo Mitsui Banking and Mizuho Bank. (Photo by Akira Kodaka)

Maurizio Raffone is chief financial officer of Credify Pte Ltd, a Singapore-based technology company developing solutions for the e-commerce and fintech markets.

When foreign innovations or trends are given a cutesy Japanese nickname, you know they have become popular. However, there is no local Japanese equivalent for neo bank or challenger bank and that is because, despite being a pioneer in championing open banking, Japan has yet to see the emergence of a single neo bank.

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