Fintech and Fujitsu
Only July 21, Fujitsu launched a consortium called Financial Innovation for Japan (FIFJ) designed to capitalize on the momentum of “FinTech,” whose name is an amalgamation of “finance” and “technology,” to promote open innovation in the financial services sector. FIFJ operations formally got underway with its first general meeting on September 3.
FinTech is a global initiative for promoting innovation in the financial services sector, in particular, using technology such as smart devices and Big Data to eliminate inefficiencies inherent in current financial services. With the rapid growth and proliferation of ICT and smart devices, there is a pressing need for open innovation in financial services that harnesses these new technologies. Financial institutions in many countries are already working with FinTech companies to develop exciting new services.
Japan, meanwhile, is steadily embracing the FinTech movement with contests, events and tie-ups. Fujitsu, as the leading partner in FIFJ, has taken a leading role in organizing events such as presentations, contests and “hackathons” to promote cross-pollination between financial institutions and FinTech startups. The FIFJ consists of nearly 100 local financial institutions and FinTech venture startups that use financial expertise and advanced ICT to promote service innovation.
Aiming towards High-efficiency Financial Services
FIFJ general meetings have been held twice yearly since September 2015. Fujitsu hosts the general meeting and subcommittee meetings used for presentations from FIFJ members as well as contests and hackathons. In addition to its role in the consortium, Fujitsu also acts as a system integrator, performing market research and technical assessments of the viability of ideas for financial services and systems put forward by FinTech startups.
In the area of system-building services, Fujitsu promotes the development of links between existing backbone systems and new financial services and systems designed to make domestic financial institutions more competitive. Fujitsu also supplies digital business platforms designed to promote the combining and interchanging of services, and uses its comprehensive expertise for system building. FinTech startups are provided with digital business platform APIs and other elements for use in smart device apps and applications involving Big Data, along with efficient financial services.