A NSW Government website

Fintech to Japan

Eligible businesses can apply for free support to expand contactless and online payment services to Japan. Applications open 27 October 2021.

Program dates

December 2021 to June 2022

Key event

Fintech Summit (FIN/SUM),  March 2022 

Why this market

Japan offers significant opportunities in the contactless and online payment services sectors.

Worth AU$137.7 billion in 2020, the contactless payment market in Japan is set to grow to AU$237.9 billion by 2024. Factors driving this growth include rapid expansion in the QR code payment market and government incentives to double the cashless payment rate from 20% to 40% by 2025.

Worth AU$200 billion in 2019, the online payment service provider market is set to grow up to AU$350.6 billion by 2023. This growth is due to increased cross-border ecommerce in Japan, and an 11% increase in ecommerce uptake each year from 2009 to 2019. COVID-19 has accelerated this trend.

That said, both the contactless and online payment sectors in Japan are dominated by existing service providers. The key opportunity for NSW companies is for suppliers of component technologies that reduce costs for existing providers, or for suppliers of peripheral services that enhance existing providers’ services.

Participation requirements and success factors

Eligibility for the overall Program

Additional eligibility requirements  for this stream

  • Have headquarters in NSW  
  • Be export-capable and export-ready  
  • Have a valid ABN (Australian Business Number) registered for NSW  
  • Have a commercial product or service 
  • Have a website featuring the product or service (marketing and promotional costs might be reimbursed through the NSW Export Assistance Grant)   
  • Be prepared to adapt the product or service for the market 
  • Have a product or service that is produced primarily in NSW 
  • Be willing to travel to Sydney for events and to the selected market (where and when COVID-19 restrictions permit travel), and must cover their own travel expenses 
  • Not be considered a trader (meaning the Program is for businesses that produce and add value in NSW) 

Additional eligibility requirements for this stream

  • Have between 5 and 199 full-time equivalent (FTE) employees 
  • Market-ready product or service 

The ideal participant

  • Have a track record of exporting products and services to leading markets such as the US and/or the UK 
  • Has a product with a good market fit (see priority participants below) 
  • Is willing to commit to Japan for the long-term 

Priority participants

Contactless and mobile payment services  

  • Component technology suppliers including biometrics (such as face, fingerprint or vein authentication) and microchip implants. 
  • Technologies suppliers for peripheral services that store and analyse transactions and biometrics (for example, machine learning, artificial intelligence or big data) 

Online payment services  

  • Component technology suppliers including biometrics (such as face, voice and iris authentication) and cryptocurrency payments using blockchain technologies 
  • Technologies suppliers for peripheral service offerings including technologies for advanced shopping experience (such as artificial intelligence, virtual or augmented reality, smart mirrors) as well as technologies enabling cryptocurrency payments and technologies for cross-border ecommerce (such as artificial intelligence for automatic translation, internet of things for tracking) 

Curriculum

Introduction and business culture training

  • Welcome 
  • Business culture training 

Market intelligence briefing

  • Contactless and mobile payment services, online payment services 
  • Target customers, competitor landscapes, business model 
  • Regulatory requirements 

Pitch development

  • Pitch deck development

Partner search and introductions

  • Possible opportunity for virtual participation and exhibition at Fintech Summit (FIN/SUM), March 2022
  • Potential partner search and introductions 

Ongoing support

  • Ongoing support provided by a dedicated NSW Government Export Adviser 

Note: The curriculum is subject to change.

Apply

Applications open on Wednesday 27 October 2021 and close on Wednesday 17 November 2021.