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RegTech Consortium Kickoff Event "RegTechDay"

At Digital Agency, we regard "RegTech" as a general term for technologies that replace analog means such as visual inspection and patrol required by regulation, and we are implementing activities as the regulation RegTech Consortium for the purpose of exchanging opinions and sharing information among parties involved in the review of .

As a kick-off event of the RegTech Consortium, we live-streamed the online event "RegTech Day" from 13:00 on Friday, October 27, 2023, in order to deepen the understanding of the ideal regulation based on the trend of "RegTech". The number of viewers on the day was 447, the maximum number of simultaneous viewers was 224, and the total number of views was 958.

The event began with an opening address by Minister Kono, followed by a keynote speech on the regulations on paper and in-person processes Review, and then a panel discussion in which experts and others exchanged various opinions on the regulation Review.

Event Overview

Date and time: October 27, 2023 (Friday) from 13:00 to 15:00

Opening Remarks

In his opening speech, Minister Kono expressed his expectations for RegTech Day, saying, "Through the review of regulations on paper and in-person processes, I would like to share with as many people as possible the future in which social digitalization is accelerating."

Performers:

  • KONO Taro Minister for Digital Transformation

Keynote: Rethinking regulations on paper and in-person processes

Mr. Annemi of the Chuo University Graduate School of Law explained the effects of the regulations on paper and in-person processes reform, examples of the review of drones using technologies such as river patrol using regulations on paper and in-person processes and image analysis technologies, Technology Map and technology catalogs.

He emphasized that the review of regulations on paper and in-person processes is not just about replacing hand-written work with technology, but about the importance of creating new value for improvements in productivity and others through digitalization. He also said, "We would like to create a society in which we can have hope by receiving opinions that this would be better."

Source:

Speaker:

  • Junji Annen Professor, Chuo University Graduate School of Law, Attorney

Panel Discussion Part 1

Beyond the Abolition of regulations on paper and in-person processes

In the first part of the panel discussion, Parliamentary Senior Vice-Minister for Foreign Affairs Yohei Ishikawa and experts who are driving digitalization around the world held a heated discussion on "Perspectives on the Shape of Japanese Society Waiting for regulations on paper and in-person processes to Be Reconsidered."

First of all, Parliamentary Senior Vice-Minister Isao Ishikawa introduced Digital Agency's efforts concerning the review of regulations on paper and in-person processes.

What are the things that regulations on paper and in-person processes must be prepared for in order to be a world that is reviewed and uses digital technology?

Mr. Shimada said, "Based on the background of the creation of (analog) regulation, we may be able to create the most advanced digital infrastructure in the world by re-establishing the ideal way of regulation using technology." Mr. Noboru said, "Public clouds are operated by a small number of people, so if we do not promote design of regulation while strengthening basic technologies such as cloud, if something happens to cloud, important business may stop." digitalization

Next, Senior Vice-Minister Isao Ishikawa introduced initiatives related to Technology Map, the RegTech Consortium, and review of digital legislation.

It is necessary for the rules to catch up with the progress of technology, but what kind of mechanism should there be?

Mr. Shimada expressed his opinion, "It is important to revitalize innovation, and what is more important is to show what requirements must be met for the technology to be used, so that people who want to take on challenges can enter." Mr. Noboru expressed his opinion, "By establishing a relationship of trust between engineers and government officials, Japan will be able to overcome digital defeat and revive itself."

Reflecting on the discussions, Senior Vice-Minister ISHIKAWA said, "There are many regulation not only regulated by national laws but also at the field level in the local local government. I would like everyone in the local local government to refer to the Technology Map and the Technology Catalog and work on reviewing the regulation. Digital Agency would like to help in such a way." He renewed his enthusiasm for the further digitalization of regulation.

Finally, Mr. Masushima, the moderator, summarized the discussion, including future prospects, by saying, "Only when the government, politics, and the people of private sector transcend their positions and come together to make a good Japan through friendly competition, can the country be in a good condition in digital society."

A panel discussion. From the left, Mr. Masushima, Senior Vice-Minister Ishikawa, Mr. Shimada and Mr. Noboru are lined up.

Performers:

  • Taro Shimada, Representative Executive Officer, President and CEO, Toshiba
  • Daiyu Nobori, Director of the Cyber Technology Laboratory, Information-Technology Promotion Agency
  • Masakazu Masushima Lawyer, Mori Hamada & Matsumoto (Moderator)
  • ISHIKAWA Akimasa, Senior Vice-

Panel Discussion Part 2

Panel 1: The generative AI Period and regulation

In the second panel discussion, we discussed the theme of generative AI, which is a representative of cutting-edge technology.

In order for AI to be smoothly useful to humans, how should regulation be handled?

Mr. Ochiai commented, "It is important to conduct performance approach. In the part where business operators can be creative, we will set goals and then liberalize the method itself." Mr. Uenoyama commented, "We will think about how to conduct regulation after understanding the state, but understanding the state itself is also becoming difficult. We are in the flow of changing the method of regulation from the conventional method."

What will happen to regulation in a world where AI has penetrated?

Mr. Ochiai said, "It will be difficult to rewrite law itself. It is important to make it possible to quickly change how regulation itself is operated based on changes in technology and social conditions." Mr. Uenoyama said, "I think we are at the entrance to a place where the boundary between technology and regulation has melted and is beginning to melt into one thing."

Next, Mr. Takahashi introduced an initiative to view the interface between technology and regulation as RegTech and visualization RegTech as Technology Map *.
He explained, "In order to create Technology Map, 10,000 provision were analyzed by human hands night after night, but if generative AI can be used, it will be possible to do it in a cycle with speed, and it will be possible to predict future technology trends and technology maturity and post it on a map for future reading."

Mr. Uenoyama said, "I am looking forward to seeing that technology-based discussions will be considerably accelerated by the presentation of a technology-based framework." Mr. Ochiai said, "In the future, it will be important how to make it possible to operate socially and how to place people with experience in business."

*Technology Map
Technology Map has organized and visualization the relationship between implementation and technology as shown in the following figure so that the ministries and agencies responsible for regulation can autonomously promote the review of digital regulation and regulation based on technology trends. For details, please see the on Efforts for the Technology Map and Technology Catalog.
Image of Technology Map Pattern 1 (Focus on regulation's Judgment and Response)
We have been using human wave tactics to classify regulations on paper and in-person processes and visualization usable technologies in Technology Map. What should we prioritize as the next step?

Mr. Takahashi said, "Based on current environments and technologies, we should discuss how regulation should be in the first place and how to change the functions required by regulation." Mr. Ochiai said, "In order to make Technology Map usable, it is also important to make use of it." Mr. Uenoyama said, "Technology has been used to make communication smooth, but various communications are still broken from a future perspective. I think it will be interesting to digitalization Digital Agency's work one step further and spread what I experienced to other ministries and agencies."

Reflecting on the discussion, moderator Counselor Suga summarized, "I would like to be involved in RegTech based on the concept of mutual violation of airspace and mutual meddling. And we will co-evolve with each other. For that reason, I would like to ask you to join the RegTech Consortium."

A panel discussion showing the four performers participating online.

Performers:

  • Katsuya Uenoyama President, PKSHA Technology, Inc.
  • Takafumi Ochiai, Director of Atsumi Sakai Law Office and Foreign Law Joint Enterprise Prototype Policy Research Institute, Lawyer
  • Kumiko Takahashi, Researcher, Mitsubishi Research Institute, Inc.
  • Chizuru Suga, Counsellor (Moderator), Digital Agency

Panel 2: Infrastructure Maintenance DX

Mr. Ogawa, a moderator, introduced RegTech, which expresses the technology expected in regulation.

What is the mechanism and Issue necessary to promote RegTech?

In response, Mr. Okada said, "In order to spread technology, transition to the performance ordering method and technology certification by public institutions are important." Senior Expert Ezaki said, "In digitalization, things that have not been connected until now will be connected. By connecting cybersecurity with at least what we have, we can create new value with peace of mind." Mr. Toyoda said, "In the construction and civil engineering industry, it tends to be a detailed story of optimizing in a silo for the purpose of BIM. It is important to describe how technology that is closed to a domain and common sense like regulation look from the perspective of other domains."

What is the mechanism necessary to utilize the new added value generated by RegTech?

Mr. Toyoda commented, "When the personal data Protection Law and the description of urban space are combined, unknown areas such as what risks will be created and what values will be created will appear one after another. Visualization of these areas and the three pillars of development and regulation should be promoted." Senior Expert Ezaki commented, "Until now, we have created rules because we do not want other people to join us. We need to change the rules to a form that can be coordinated and create something common that people who have not been connected until now can talk to." Mr. Okada commented, "It is important to improve the business environment, such as building a new technology introduction network for each area triggered by reputation."

Reflecting on the discussion, moderator Mr. Ogawa summarized, "The social implementation of cutting-edge technology is not just about costs, but also about how work is done. I have high expectations for the activation of innovation in Japan."

A panel discussion showing the four performers participating online.

Performers:

  • Yusaku Okada Professor, Department of Management Engineering, Faculty of Science and Engineering, Keio University
  • Keiko Ogawa, Banking Capital Market Leader, Regtech Leader (Moderator), EY Strategy & Consulting Co., Ltd.
  • Keisuke Toyoda, Specially Appointed Professor, Institute of Industrial Science
  • Hiroshi Esaki, Digital Agency Senior Expert

Closing Remarks

At the conclusion of the "RegTechDay" online event, Digital Agency Ezaki, Senior Expert, said, "At the RegTech Consortium, I hope that everyone can have a conversation with ministries and agencies, think about how to use the same technology, and work with industry."

In addition, Digital Agency Councilor Hitoshi Suga commented, "We would like to quickly reach a point where communication (between the public and private sectors in the regulation field) can be smoothly established, even if Digital Agency does not dare to intervene in the way that Technology Map did."

Performers:

  • Hiroshi Esaki, Digital Agency Senior Expert
  • Chizuru Suga, Counsellor of Digital Agency

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