We are pleased to be invited by The Embassy of Japan and the Tech Acceleration team of the Japanese Government to their seminar. Many Tech Companies looking to expand to Japan attended. We were able to meet face to face with the busiest key person as well as the decision makers of the regulatory sandbox in the Government of Japan. The speakers share their experience and tips to enter the Japanese Market with their Government.
Mr Hirohiko Nakahara, Head of Regulatory Sandbox Counsellor, introduced the regulatory sandbox framework in Japan. He firstly illustrated the current Japanese policies. Under Abenomics, there are three arrows: Dramatic Monetary Easing, A ‘Robust’ Fiscal Policy and Policies for Growth to Spur Private Investment. The first two can help their country to overcome the deflationary economy. The last one can help boost the economy of Japan. Hence, they are embracing the opportunities to improve their economy. Enhancing and driving innovation is, therefore, one of the policy.
Innovation > Policy?
Sometimes the regulation may limit the development of technologies. The realisation of innovation technology and business models need support from regulators as they need to be demonstrated, tested, experienced for data and info. Implementing new technology is likely to have a regulatory reformation. To encourage the development of innovation, the Government of Japan promos trails and demonstrations proposed by private businesses under the newly introduced regulatory sandbox framework by:
-Advising and consulting private businesses on their ideas and applications at the centralised one-stop window and
-Letting related regulators review application in a quick and smooth manner by making ministries and agencies designating a department inside responsible for the promotion of regulatory reform.
Case Study
With some example approved by the regulators, the businesses would have a better understanding of how to get support for the government of Japan:
Case 1: Panasonic [IoT x Home Appliance]
The project demonstrates home applications which are connected with high-speed PLC power line communication in order to realize IOT society.
Case 2: MICIN: [Online Healthcare]
Establish a platform for nine pieces of advice by medical doctors for suspected flu, following patients use of a diagnostic kit and online video consultation with a doctor. This can prevent the outbreak of a flu epidemic
Case 3: Crypto garage: [Fintech x Blochchain]
The platform for registered crypto exchanges, which enables them to make simultaneous settlements between cryptocurrency and legal tender
Case 4: Caulis [Fintech x Privacy Protection]
Build up a framework to prevent openings of bank account which will would be controlled by fraudulent. The framework can detect fraud and identity theft based on users’ online behaviour. They developed their own risk detection engine, which can protect users from malicious access.
Case 5: SUSMED [Clinicacl Development x Blockchain]
They developed a clinical data managing system used smartphone and blockchain technology and verifies reliability and accuracy of data for clinical development.
Though the speakers stated that they welcome the innovation from all the industries, the approved cased are somehow related to the most popular technologies. AI, Fintech and blockchain are hot topics. How to apply them to improve to solve the current problem would be interesting to discuss. We are working on the application of background verification and supply chain disclosure. Also, we welcome further discussion for collaboration.
