Recent reports have revealed that the Mayor of London, Boris Johnson, is focusing on helping London’s fintech start-ups expand within countries in Asia, known to be the world’s third largest economy.
According to analysis from Dealogic, Japanese companies have invested £115 million in 19 UK tech start-ups in the last five years and this is expected to grow as the country starts preparing for the 2020 Olympics in Tokyo.
CNBC reveals that Johnson is hoping that the organisers of this event will partner with start-ups and fintech specialist, Eileen Burbidge of venture capital tech firm Passion Capital, hopes that the visit from the Major will result in viable future partners in Asia and the possibility of expanding in this region, after adhering to Japanese regulation first.
Burbidge told CNBC that Japan is a country that the fintech industry is highly interested in. “Japan is a region we know there has been interest and big synergy with companies there. There are a number of our companies expanding into Asia and want to do work out there,” Burbidge explained.
In other news, fintech company WorldRemit announced their expansion into Japan this week and is now seeking to develop a substantial customer base there. CEO of WorldRemit, Ismail Ahmed, believes that this was a wise decision and one that will certainly be fruitful. “Japan is one of the largest economies in the world and has a large and increasing foreign born population. Like many other markets, the remittances industry is dominated by banks and traditional players,” Ahmed said.
Ahmed continued to say that they see a huge opportunity. “We see a country open to mobile payments.”