The report is following the "Interim Report" by the "settlement Study Group" of the Financial System Council, for the advancement of such settlement operations, shows the future of concrete action plans and directions. In the Interim Report, with the changes in the environment surrounding the recent settlement services by IT and globalization, have been reported the basic issues and directions towards the advancement of the settlement.
According to the report, as a recent trend, non-bank players allowed to differentiate the bank's business, and offer this as a service. It has led a change in the retail field. Called "unbundling" of the banking business with a focus on the settlement is in the progress. This means the basic structural change.
Until now, in Japan, the settlement service has been a sector with a focus on banks, and for non-bank players and overseas it is closed. However, the recent innovation in settlement areas, mainly, have been led by non-bank players including FinTech (financial technology) companies.
So these changes make the banks to open its settlement areas, so that they are not left behind in the movement of world innovation. Not only banks, but a variety of players should compete and proceed with the innovation of payment services.
In the report mentioned, as the new efforts in financial IT innovation, remittance services using a mobile phone number, consideration of possible use and challenges of new financial technology, including the block chain.
Also, the report, in the chapter called "way of a system for the virtual currency", pointed the possibility for the virtual currency to be used as money laundering, terrorist financing, and crimes such as fraud associated with the bankruptcy of virtual currency exchange offices. They claimed that exchange offices to carry out such as buying and selling of virtual currency should be a registered and should be subject to regulation.