Tokyo Financial Award, Financial Innovation Category:Now Accepting Candidate Financial Institutions!
July 16, 2019
Office for Strategic Policy and ICT Promotion
As one project in the “Global Financial City: Tokyo” Vision, the Tokyo Metropolitan Government (TMG) is hosting the “Tokyo Financial Award.” Since last year, the TMG has been granting a prize to financial institutions who provide and develop innovative products and services that meet Tokyo citizens’ needs and challenges, as well as financial institutions who work to promote ESG investments*.
We have asked Tokyo residents about the daily needs and issues that they face in relation to financial services, and have created the themes listed below.
The selection of businesses in the “Financial Innovation Category” will start from today. You are cordially invited to make your submission. Additionally, we plan to start accepting candidate businesses for the “ESG Investment Category” from the beginning of August.
* ESG (“Environment, Social, Governance”) 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 25 themes. We are looking for financial institutions who can propose solutions to these issues. For detailed information, please see the dedicated website.
|Deposits & Withdrawals||・Inconvenient that there are some procedures which can only be done in bank branches, such as ID verification|
・Difficult to manage different login IDs and passwords and verification method for multiple online bank accounts
・Hard to find services or functions when using online banking
・Deposits and withdrawal fees remain high
・Want a simple and low-cost app for making transfers
|Payments||・Want other convenient cashless payment methods besides e-money|
・Too many different types of e-money makes it a hassle to use
・The number of stores in Japan that accept credit cards, etc, is limited.
・Security systems should be strengthened to prevent theft and unauthorizeduse of cards/smartphones
・Want to have a payment system platform utilizing transportation/MaaS*
|Asset Management||・Want tools for beginners for learning about investment|
・Want to start investing, but don’t understand how to start
・Want advice on asset management products that is suitable for the respective customer from a neutral perspective
・There are few services/goods that can be managed with a smaller amount.
・Want a new service that allows investment advice to be received which is linked to daily life
|Insurance||・Insurance procedures are inconvenient|
・Difficult to find out status of insurance coverage
・Want advice on insurance products that is suitable for the respective customer from a neutral perspective
・Want a service that allows insurance sharing
|Financing||・Want quicker and simpler procedures and examinations of loans|
・Want advice on loans that is neutral and suitable
・Want a loan service that can accept even start-up companies with low credit ratings
・Want a loan service tailored to cash flow
|Others||・Want a service that can manage financial assets collectively, such as bank accounts, insurance, securities, inheritance etc.|
・Want to have a new financial service in preparation for the coming age in which life expectancy will average 100 years
*MaaS: “Mobility as a Service”.
MaaS is a concept that views mobility as an integrated service for users, not simply as a means, such as a single mobility service using one app to provide optimum means of transport from a place of departure a destination. (Ministry of Land, Infrastructure, Transport and Tourism)
2 Selection Details
|Eligible institutions||Domestic and international financial institutions that offer solutions to citizens’ needs and challenges and who are offering services in, or plan to offer services in, Tokyo.|
|Submission period||From: Tuesday, July 16, 2019 |
To: Friday, August 23, 2019
|# to be selected||3 institutions|
|Rewards||・Prize money (by rank: \10 million, \5 million, \3 million)|
・Support program (Mentorship program, business matching, provision of development environment, etc.)
|How to apply||Please visit the Tokyo Financial Award website to apply:|
*Please see submission guidelines for details