December 4, 2017 / 5:21 AM / a year ago

BOJ's Kuroda calls for reforms to better use fintech

Central Bank Governor Haruhiko Kuroda of the Bank of Japan attends ECB's Central Bank Communications Conference in Frankfurt, Germany, November 14, 2017. REUTERS/Kai Pfaffenbach

TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda on Monday urged financial institutions to reform their business structures to make effective use of financial technology, which is triggering big changes to global financial markets.

Fintech can contribute to raising growth potential and addressing social challenges not only in emerging but developed nations, Kuroda said in a speech at the Europlace financial forum.

“Financial institutions are required to take forward-looking measures to reform their own structures in order to make effective use of fintech. Without such efforts, the countries where traditional financial services already prevail might lag behind in the field of fintech,” Kuroda said.

Reporting by Leika Kihara; Editing by Minami Funakoshi

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