Regulatory shake-up in Japan seen as a game changer for the banking industry

Tokyo

JAPAN'S financial supervisor is laying the groundwork for a regulatory overhaul that could lead to a shake-up in the nation's US$10 trillion banking industry.

The Financial Services Agency (FSA) is examining how to change the legal framework so that all providers of financial services are subject to the same rules - a move that would allow emerging companies such as technology startups to compete directly with traditional financial institutions.