TOKYO—A new open banking service has launched in Japan. As CUToday.info has reported, the CFPB has made a priority of facilitating efforts to expand open banking in the United States.
Japanese fintech Smartpay has introduced Smartpay Bank Direct, the country’s first digital payments service that offers installments directly from users’ bank accounts, Fintech Futures reported.
Through the new service, Smartpay claims it is Japan’s first digital consumer finance company to utilize Japan’s open banking system, with a network of 67 partner banks across the country.
The digital payments service supports both credit cards and direct debit through an automated, single-click user experience at the point of purchase, with no additional fees or interest for consumers, Fintech Futures explained.
Expansion Plans
The startup says its current focus is on Japan, along with Saudi Arabia and UAE markets. In the medium term, it says it will look to expand into Singapore, South Korea, Taiwan and other markets in Southeast Asia and the MENA region, Fintech Futures said.
The announcement comes at the same time the CFPB has announced it is working to facilitate open banking in the United States, as CUToday.info reported here.
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