We have also issued the open finance and digital banking frameworks to accelerate digital transformation and financial inclusion. The Open Finance Framework promotes consent-driven data portability, interoperability, and collaborative partnerships among entities that adhere to the same standards of data security and privacy. In line with our digital transformation roadmap, the BSP has issued licenses to six purely digital banks.
This reflects the Bank of Japan’s ample provision of funds through contracts that mature after the fiscal year-end as well as the progress in implementing the financial-system stabilization measures.