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Japan Govt to Digitize All Submissions of Bank Documents

Japan Govt to Digitize All Submissions of Bank Documents

   Tokyo, July 13 (Jiji Press)--The Japanese government plans to digitize by fiscal 2021 all documents that financial institutions are required to submit to the state, in light of concerns over the spread of the novel coronavirus.
   The government is considering revising laws so that all document submissions can be done without face-to-face interaction, which is also expected to boost efficiency and promote a new way of working in the financial sector, government officials said.
   The major shift to digital technology in the industry will seek to uproot the entrenched business culture of using "hanko" personal seals and paper documents. There are currently some 2,000 types of procedures in which financial institutions are required to submit paper documents.
   The government is expected to include the digitization of administrative systems in its annual basic economic and fiscal policy guidelines, setting the coming year as a period of intensive reform for such systems, according to the officials. The guidelines are slated to be compiled soon.
   The Financial Services Agency has so far been successful in digitizing about 90 pct of application forms and other documents submitted by financial institutions, using the e-Gov service for processing online applications to ministries and agencies.

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