Japan to Begin Unified License for Financial Service Agents

Economy

Tokyo, Oct. 31 (Jiji Press)--Japan will introduce a system on Monday that allows agents to sell financial products such as housing loans, investment trusts and insurance under a single license.

The new system for financial service intermediaries unifies the separate registration systems for banks, insurers and other business types.

The new framework is expected to enable customers to choose a variety of financial products easily through their smartphones.

Competition in the financial services sector is expected to heat up as players from other industries enter the market.

Progress in social digitization has led to the widespread use of smartphone apps for financial services.

[Copyright The Jiji Press, Ltd.]

Jiji Press