Today, I attended the Fintech event held by the Danish chamber of commerce.
Fintech is a portmanteau of Financial Technologies which describes innovative technologies in the financial sector. Examples of Fintech includes digital wallet, cloud based accounting software and bitcoin etc. Financial technologies have existed for a long time in the financial industry, however Fintech is different from these traditional financial technologies in the sense that Fintech is consumer oriented technologies.
In the panel discussion, differences and futures of the traditional bank and Fintech company were mainly discussed but the Fintech is also changing the accounting industry in Japan. For instance, after the emergence of cloud based software like “freee” and “Money Forward”, the bookkeeping for small enterprise become so easy and efficient.
So far, there is no cloud based accounting software which is available in English and suitable for Japanese tax purposes. I hope that English based cloud software become available in a few years.