In May of 2018, by invitation of Japan's Financial Services Agency (FSA), JCI's FPoS (FinTech Platform over SIM) began testing through the FSA's  Fintech Proof of Concept Hub. 

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On January 24, 2018, the FSA announced the successful completion and results for tests on secure and reliable financial transactions over smartphones using JCI's FPoS,

 

As expectations for open innovation in the field of FinTech continue to rise, so too does awareness of security risks, such as unauthorized access to bank accounts online.  In recent years, cyber threats have become a serious problem as criminal methods (such as man-in-the-middle/man-in-the-browser attacks, terminal hacking, etc.) get more sophisticated and cunning.  There is a strong demand for solutions to counter these new threats and challenges. 

 

JCI’s FPoS platform addresses these security concerns. To be implemented in commercial service by financial institutions, FPoS must comply with the Financial Services Agency’s “Comprehensive Guidelines for Supervision of Major Banks” and also “Guidelines for Small/Medium-sized  Local Financial Institutions”.  Included in these official guidelines are the current security measures that are promoted by the Japanese Bankers Association.  It was therefore important to showcase that FPoS, which utilizes sub-SIM technology for improved security, meets the requirements specified in the FSA guidelines. The FSA report noted that JCI's FPoS platform, when adopted, can provide greater security and user convenience than any current standard

 

Against this backdrop, JCI, with the support and participation of financial institutions and banks including  Gunma Bank Ltd., Chiba Bank Ltd., Tokushima Bank Ltd., Money Forward Co., Ltd., and Cybertust Japan Co.,  jointly demonstrated FPoS’ regulatory conformity, its security and user convenience in financial transactions, and its ease of integration for FinTech companies and financial institutions. 

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JCI will continue to promote the FPoS technology to both domestic and international markets.