Japan’s nascent fintech space is growing, but compared to much of Asia, most Japanese institutions have been late movers in adopting the emerging technology.

Fintech became a buzzword in Japan just this year. In 2014, Japanese investments accounted for only 0.4 percent of global fintech investments. In 2015, they doubled, but still hit only $142 million.

There are definite signs that fintech is catching on in Japan: Sumitomo Mitsui Banking Corporation, Rakuten and SBI have all launched fintech funds, while the Bank of Tokyo-Mitsubishi UFJ and Mizuho have invested in fintech companies overseas. Personal financial management is also gathering momentum among smartphone users, and domestic companies such as Rakuten and Coiney are rushing to provide credit card reader services, similar to Square. A bill was passed earlier this year to define and register virtual money traders, paving the way for legitimate bitcoin startup businesses.