Japan to lift data firewall between banks, security firms – report
Japan’s Financial Services Agency, the country’s watchdog responsible for overseeing banking, securities and exchange, and insurance sectors, intends to lift a 30-year-long ban on sharing customer data between banks and securities firms within the same group, the Nikkei reported on Thursday.
The regulator opted for the move in order to allow the Japanese financial services providers to stay ahead of the “fierce” global competition, the outlet explained.
“The move will make it easier for banks to handle operations related to securities, such as offering advice on mergers and acquisitions, issuing new shares and corporate bonds, and lending. It is also aimed at making it easier for companies to receive comprehensive financial services,” the report concluded.
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