The governor of the Bank of Japan has cautioned banks against distancing themselves from fintech innovation, claiming it could affect their business models in the long run.

Speaking on May 9, Haruhiko Kuroda refuted the idea that banks were too “dull, boring and far removed from innovation” to be able to co-operate with fintech enterprises.

“Such a view seems too extreme and ignores, among other things, the extensive information-gathering ability of banks,” he said.

Instead, the Japanese