This is a major step for Japan, as its stringent laws have long been a hindrance towards the country’s development and innovation, mainly caused by its lack of flexibility in allowing financial institutions to engage with fintech startups.
Approximately 79,000 pension beneficiaries received an average of 25,000 yen less than they were entitled to
“The Cayman Islands, as one of the major financial centers in the world, needs to continue to be innovative and adaptable, creating the environment to facilitate a rapidly changing global financial system.”
This will, for the industry, bypass all the onerous paperwork that involved filling multiple forms, taking signatures and signing photographs.
GIC invested in Alibaba before its 2014 IPO -- the stock has since almost tripled -- and also backs smartphone maker Xiaomi, which plans to go public this year with a valuation of as much as $100 billion.