9 Please refer to page 17 for details of the event. 0 10 Cashless payment ratio: Ratio of total payments by credit card, debit card, electronic money, and QR code to private 8 Please refer to page 11 for details of the event. consumption expenditure FinTech investment is still expanding rapidly. According to the marketing firm, Yano Research Institute, the domestic FinTech market (based on the FinTech venture sales revenue) is expected to reach 1,210 billion Yen. Large financial institutions collaborate with FinTech companies through accelerator programs and business contests to accelerate open innovation and provide new services utilizing IT technology. Major IT companies and consulting firms have formed FinTech consortiums to actively support collaboration between financial institutions and innovative FinTech startups. Various FinTech events are held such as "FIN/SUM"8 and "Fintech Japan"9, and many incubation facilities are set up to support startups as the FinTech community is being formed. TMG also leads to develop a start-up ecosystem in which various players such as academic institutions, start-ups, investors, and business associations gather and collaborate. Cashless payments According to the calculation by the Ministry of Economy, Trade and Industry (METI), the cashless payment ratio10 in Japan remained low at 18.4% in 2015. The ratio rose to 32.5% in 2021, while it ranges between 40% to 60% in major countries. In April 2018, the METI announced Cashless Vision to popularize cashless payments, aiming for a cashless payment ratio of 80%, the highest level in the world, in the future. Cashless payments based on FinTech are expanding, with many companies entering the cashless payment business and major banks developing their own QR code payment apps. large enterprises, IT (3) FinTech Market Trend FinTech trend Fintech Market Size (In JPY Trillion)ActualEstimate2018201920202021100%80%60%40%20%0%1,4001,2001,000800600400200FY2017FY2018FY2019FY2020FY2021FY2022(Source: Yano Research Institute Ltd., "FinTech Market in Japan: Key Research Findings 2019", September 18, 2019) Cashless Payment Ratio201520162017(Source: Ministry of Economy, Trade and Industry) 8 150 18.2%20.0%21.3%24.1%26.8%29.7%32.5%573 360 215 2025Future(Target)(Target)1,210 865 80%40%
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