Japan announces to lift restrictions on foreign tourists
September 23, 2022, 11:30 am

Japan announces to lift restrictions on foreign tourists

Japan saw nearly 32 million foreigners visit in 2019, the last year prior to the pandemic - Photo. Pixabay

After more than two years of closed borders due to the Covid pandemic, Japan will open its doors back up to vaccinated foreign tourists, the BBC reporteed.

Tourists will be able to visit the country without a visa, and will no longer need to go through a travel agency, from 11 October. A cap on daily arrivals will also be lifted.

Visitors will still need to prove their triple vaccination status and submit a negative Covid test result to enter.

The anticipated influx of travellers will be a welcome boost to government and local businesses, and comes as the Japanese yen has slid to its slowest point against the US dollar in six months.

Prime Minister Fumio Kishida: "Japan will relax border control measures to be on par with the US."

Japan will open its doors back up to vaccinated foreign tourists, after more than two years of closed borders due to the Covid pandemic - Photo. Pixabay

The country has allowed visitors since June, but they had to be part of tours.

Mr Kishida also announced a domestic travel incentive scheme that will give discounts on travel, theme park prices, sporting events and concerts. Japanese residents and citizens will be eligible for a 11,000 yen (£69; $77) subsidy.

Japan to waive tourist visa requirements as part of border easing

Similar programmes have been introduced in other countries' re-openings to encourage locals to spend and stimulate the economy. However, like elsewhere, the rise in cost of living has been a dominant concern for locals.

The world's third-largest economy was one of the last Asian powerhouses to keep its borders closed due to Covid health concerns.

Its death rate is the lowest among the world's wealthiest nations, while the country's vaccination rate is among the highest.

Report: Two thirds of world’s countries failed to meet COVID-19 vaccine targets

Japan also never mandated lockdowns or mask wearing, but many locals readily adopted protections.

Japan saw nearly 32 million foreigners visit in 2019, the last year prior to the pandemic. And the restrictions on travellers in recent months had precluded many foreigners from visiting, reports showed.

Source: BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.