The Bank of Japan's president called for financial institutions to reform their

Bank of Japan Governor Haruhiko Kuroda urged the financial institutions to reform their business structure on Monday to make effective use of financial technology. Financial technology is causing tremendous changes in global financial markets.

Kuroda said at a financial forum that financial technology can help increase the growth potential and solve social challenges in emerging and even advanced economies.

"Financial institutions must take forward-looking steps to reform their structure to make effective use of financial technology, otherwise those countries where dominant traditional financial services have dominated may fall behind in financial science and technology," said Kuroda.