"The World and Japan" Database (Project Leader: TANAKA Akihiko)
Database of Japanese Politics and International Relations
National Graduate Institute for Policy Studies (GRIPS); Institute for Advanced Studies on Asia (IASA), The University of Tokyo

[Title] Video Message by Prime Minister Kishida at FIN/SUM 2024

[Date] March 6, 2024
[Source] Cabinet Public Affairs Office, Cabinet Secretariat
[Notes] Provisional translation
[Full text]

Hello everyone, I am Fumio Kishida, Prime Minister of Japan.

I would like to extend a few remarks on the occasion of FIN/SUM (Fintech Summit) 2024. I welcome all of the distinguished participants from various parts of Japan and around the world, and I am very pleased that FIN/SUM will be held in such a grand scale.

My administration is promoting a New Form of Capitalism that transforms social issues into growth engines through public-private collaboration. I believe that the power of finance and technology is essential to solving Japan's social challenges, such as population decline, natural disasters, and climate change, and to achieving sustainable growth.

Today, I understand that fintech startups from Japan and abroad, who are the drivers of innovation, are here with us.

I am very much excited to learn about your ambitious efforts to innovate beyond conventional thinking, utilizing new technologies such as AI and blockchain, to services in cross-border remittance and corporate funding, and retail payments/asset management via smartphone apps.

In recent years, there is a growing collaboration between fintechs and traditional financial institutions such as banks, insurance companies, and securities firms, as well as non-financial companies. I believe that a truly sustainable financial and economic system can be achieved by combining the trust that financial institutions and large corporations have built up over many years with the innovation that startups bring to the table. 

My administration is committed to accelerating this trend by providing an environment and support measures to encourage the development of fintech.

First, regarding Web 3.0, which utilizes blockchain technology, we were the first in the world to enact a legal framework for stable coins in June 2023. In addition, when a major overseas crypto asset exchange went bankrupt in November 2022, assets that were regulated by the Japanese government were returned to customers in a prompt manner, demonstrating the effective functioning of the Japanese regulatory and supervisory framework, which received high international recognition.

Furthermore, regarding Artificial intelligence (AI) technology, international guidelines for all AI stakeholders and a code of conduct for developers were agreed late last year as the result of the Hiroshima AI Process that I advocated at the G7 Hiroshima Summit. This is the first international framework aimed at addressing the various risks of generative AI.

Building on this, a five-year startup plan was established, which calls for investment in startups, including fintech companies, to reach 10 trillion yen by FY2027, more than 10 times the current level. Japan will further strengthen its policies based on the three pillars; 1) human resources, 2) funding, and 3) promotion of open innovation.

I promise you that Japan will continue to lead the world in implementing an environment that encourages innovation while ensuring user protection. We are committed to strongly support your efforts, whether you are already operating an innovative business in Japan, considering starting a fintech business, or are an overseas business looking to enter the Japanese market.

We are launching Japan Fintech Week for the first time this year, which will feature a variety of fintech events organized around FIN/SUM 2024, in order to showcase the potential of Japan's financial and capital markets related to fintech. I hope you will take the opportunity to participate in many of the events.

I understand that the theme of this year's FIN/SUM, the 8th edition, is Building a Bright Future: Fintech for Happy Growth. I would like to conclude my remarks by wishing that this event will be an excellent catalyst for creating a prosperous future through the power of finance.

Thank you very much.