Stuck-in-the-past Japanese banks wary of fintech revolution

Fintechs that must reach agreements with individual banks before a May deadline say they don’t have the resources to pay hefty charges or crisscross the country convincing hold-outs.

TOKYO: Japan’s effort to nudge its more than 100 struggling regional lenders into the digital age is floundering.

More than a year after rules to spur open banking were issued, small lenders are stuck in a back-and-forth with startups over fees for access to client account data, according to a Financial Services Agency official.