Tokyo Financial Award, Financial Innovation Category:Now Accepting Applications from Financial business!

As one of the projects in the “Global Financial City: Tokyo” Vision 2.0, the Tokyo Metropolitan Government (TMG), following last year’s program will continue hosting the “Tokyo Financial Award.” TMG has been granting a prize to businesses who provide and develop innovative products and services that meet Tokyo citizens and companies’ needs and challenges, as well as those who work to promote ESG investments*.
The application period for the “Financial Innovation Category” will start from today. Companies that can solve the daily needs and issues of Tokyo residents and companies are cordially invited to make their submission, as listed below.
Additionally, we plan to start accepting candidate businesses for the “ESG Investment Category” from July.

* ESG (“Environmental, Social, Governance”) investment refers to investment decisions based on an institution’s proactive efforts in combating global warming, empowering women, selecting outside directors, etc.

1　Selection Themes

The Financial Innovation Category includes a total of 28 themes, divided among 6 general fields. We are looking for candidates who can propose solutions to these issues.
For detailed information, please see the dedicated website.

Deposits/Withdraws

• Enhanced bank compatibility for ATM use and account management
• Enhanced convenience of online banking (cost, operation, management, etc.)

Payments

• Ability to use convenient cashless payment methods besides e-money
• Enhanced e-money compatibility, such as allowing money transfer between apps, as too many types of e-money makes difficult to use
• Solutions for limited availability of stores that accept cashless payments such as credit cards and e-money
• Payment methods with lower settlement fees
• Value-added payment methods, such as donating a portion of the payment amount

Asset Management

• Neutral advice on procedures and suitable products so that beginners can easily start asset management
• Services and products that make it easier to start asset management, such as investment from small amounts or with low fees
• New services that provide investment advice in accordance with lifestyle and future plans

Insurance

• Neutral advice on insurance products that are suitable for each customer
• Easier way of understanding insurance coverage status, etc.
• Simpler procedures for insurance
• Services for insurance sharing

Financing

• Loan services that are more readily available, such as lower costs/ shorter processing time, etc.
• Neutral advice on loans suitable for each person
• Products that are not restricted by age, occupation, income, etc.
• Various loan services that meet the needs of startups, etc.

Others(Financial Service as a whole)

• Services that promote data utilization
• Services enhancing security, such as preventing financial crimes (e.g., fraudulent use of credit cards and cashless payments, security of online transactions, etc.)
• Further acceleration of digital transformation in the financial industry
• Services that promote collaboration within the financial industry and with non-financial industries
• Service that can collectively manage financial assets, such as bank accounts, insurance, securities, inheritance, etc.
• New financial services to prepare for "the 100-year life"
• Comprehensive financial services for times of economic distress in the event of an emergency
• Financial services for overseas financial transactions and overseas tourists, such as multi-currency and multi-language services
• Simpler procedures for ID verification for opening account and eKYC
• Tools and services to promote financial education on asset management, insurance, etc.

2　Selection Details

Eligible institutions

Domestic and international financial institutions that offer solutions to citizens and businesspeople’s needs and challenges and who are offering services in, or plan to offer services in, Tokyo.

Submission period

From: Tuesday, May 31, 2022
To: Friday, July 29, 2022

Number of award winners

3 institutions

Rewards

• Prize money (by rank: 10 million, 5 million, 3 million)
• Support programs, including mentorship programs, business matching, and support for overseas transmission, will be provided to 15 institutions

How to apply

Please visit the Tokyo Financial Award website to apply
*Please see submission guidelines for details(PDF:551KB)

3　Schedule

4　Selection Committee (planned)

Committee Chair

YAMAOKA Hiromi
Board Director, Chief Sustainability Officer, Future Corporation

Committee Members

• OE Kayo
  President, Office Libertas; Financial Planner
• UCHIYAMA Tomonori
  Professor, Tokyo Metropolitan University
• SAKAMOTO Shinsuke
  Managing Director, Japan Venture Capital Association President, Mitsubishi UFJ Capital
• MASUJIMA Masakazu
  Partner, Mori Hamada & Matsumoto (law firm)

5　Support Program Mentors (planned)

• Peter HASLEBACHER
  CEO/Founder, APACInsurTech Ltd. (Hong Kong and Jakarta)
• KONUMA Ryusuke
  Program Director, Venture Café Tokyo
• SUZUKI Yuri
  Senior Partner / Attorney at Law, Atsumi & Sakai, Innovation Practice Group
• Chang LI
  Director, Fintech/ Insurtech, Plug and Play Japan
• MURAKAMI Murakami
  Managing Director – Accenture Strategy & Consulting,Technology Strategy & Advisory Lead, Japan, Accenture Japan Ltd

*Please click here for the original Japanese press release.

This is a leading project to promote the Strategic Vision for Tokyo’s Future.
Strategy 12. Strategy for a Tokyo That Has Earning Potential and Generates Innovation (Global Financial City Tokyo)