A trust banking industry leader said Thursday the industry is exploring possible cooperation with its Chinese, Taiwanese and South Korean counterparts.
“Many countries, including China, are drawing on Japan’s trust banking system,” Sumitomo Trust & Banking Co. President Hitoshi Tsunekage said in a recent interview.
“First, we would like to promote exchanges with the trust banking industries in China, Taiwan and South Korea among others and consider what we can do across borders.”
Tsunekage, 55, who assumed the chairmanship of the Trust Companies Association of Japan on Thursday, said opportunities for trust banking services will increase amid the falling birthrate and aging population.
Such services allow grandparents to use their assets to cover their grandchildren’s education, he said, urging the government to reduce or repeal the gift tax to facilitate asset transfers from older to younger generations.
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