The UK is Cozying Up to Japan’s FinTech Scene

As the financial technology sector sprouts up across the world, one of the global leaders is attempting to court the Japanese fintech scene.

London’s acclaimed mayor, Boris Johnson, recently visited Japan on a trade mission to strengthen economic ties between the two countries. One particular area of focus for the mayor was fostering relationships with Japan’s growing financial technology startup scene.

“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,” the U.K.’s special envoy for fintech said.

London has emerged as a global leader in fintech, drawing in experts and startups from a diverse background. Now the iconic city is looking to expand outward and forge links across the world, especially in Asia.

London has seen a meteoric rise in fintech investment over the past year, with £115 million coming from Japanese investors. Japanese e-commerce giant Rakuten recently completed an $18 million investment into London-based Currency Cloud, a fintech startup focusing on real-time payment rates and processing.

The fintech investments have been reciprocal, with leading London startup WorldRemit announcing its expansion into Japan earlier this year. British investors have touted Japan as a sleeping giant in the fintech scene.