From 20 to 22 January 2016, Luxembourg Minister of Finance, Pierre Gramegna, met with several financial and economic figures in Japan as part of his ongoing mission in Asia.

On Wednesday, Minister Gramegna met with Taro Aso, Deputy Prime Minister and Minister of Finance, in Tokyo. During their meeting, the two ministers discussed the financial and economic situation in Asia, as well as the role and governance of the AIIB, the Juncker plan and growth in Europe. Talk also turned to the refugee crisis and the measures that could be taken in the context of aid in the country of origin. Finally, they spoke of the implications for the European Union of the potential 'Brexit' of the United Kingdom.

Pierre Gramegna then encountered Mastsugu Asakawa, Vice Minister of International Affairs and Chairman of the OECD Committee on Fiscal Affairs, to exchange views on international taxation and the implementation of BEPS measures in the spirit of a global level playing field. The two minister deemed it important to include developing countries in the process, before discussing the changes arising in the financial industry due to the rise of FinTech and virtual currencies.

On Thursday, Minister Gramegna held a working meeting with Keidanren, the federation of economic organisations of Japan, to discuss avenues for closer cooperation between the two countries in the economic field, following the recent visit of a Keidanren delegation to Luxembourg.

The Finance Minister then headed to Dots incubator for the opening of a Fintech seminar organised by Luxembourg for Finance. In front of an audience of over 150 people, Pierre Gramegna promoted Luxembourg as a destination for Fintech start-ups and companies wishing to establish themselves in Europe. Nicolas Mackel (LFF), Nadia Manzari (CSSF), Jean-Louis Schiltz (Schiltz & Schiltz) abd Yuko Kano (bitFlyer) highlighted the advantages of the Luxembourg ecosystem for the development of such activities.

Minister Gramegna also met with the management of the Government Pension Investment Fund (GPIF) of Japan to discuss a possible diversification of its investment policy and the role that Luxembourg could play in this context. In this regard, he made reference to the fact that five major Japanese banks have a major presence in Luxembourg, particularly in the investment funds industry.

Friday began with a speech to the Belgium-Luxembourg Chamber of Commerce in Japan on the theme of economic recovery in Europe and the deepening of EMU.

Pierre Gramegna then visited the headquarters of Rakuten, where he held a meeting with CEO Hiroshi 'Mickey' Mikitani, to discuss the development of the group's activities in Europe through its implementation in Luxembourg.

"The development of Rakuten's activities underlines Luxembourg's boom in the Fintech field," the Finance Minister commented. "After obtaining a banking license, the group is now also being developed in the field of insurance. In particular, it plans to centralise Luxembourg intra-group insurance business."

Pierre Gramegna also visited the NEC Security Factory, to discuss the latest developments in the field of digital security, which is an important component of any Fintech solution, before engaging in a working meeting with Nobuchika Mori, director of the supervisory authority of financial services. They discussed developments in Japan and Luxembourg banking and growth prospects in the medium and long term. They also discussed the banking union and regulatory developments decided upon in Europe in recent months to ensure the stability of the banking sector and to strengthen investor confidence. They also welcomed the good collaboration between the Luxembourg and Japanese regulatory authorities.

 

Photo by Ministry of Finance (L-R: Taro Aso, Deputy Prime Minister, Minister of Finance of Japan; Pierre Gramegna, Ministry of Finance of Luxembourg)