Nurturing players for participation in the Tokyo market
In order to increase the number of players participating in the Tokyo market, the Tokyo Metropolitan Government is working to attract overseas financial companies, nurture asset managers and the fintech industry, and enhance financial education.
Attract overseas financial companies
This project aims to attract 50 overseas financial companies* by 2020
*Overseas Financial Companies : companies established based on foreign laws concerning the operation of asset management business or FinTech business
Project for Temporary Office Allocation for Foreign Financial Companies and Human Resources
In light of recent international situations, Tokyo Metropolitan Government supports foreign financial companies and human resources skilled in finance mainly in Asia to establish their operations in Tokyo by reducing the burden of using offices during their temporary stay in Tokyo to conduct preliminary surveys as a prerequisite for moving to Tokyo.
Overseas Financial Corporation Business Establishment Subsidy Program
In order to put active effort into attracting overseas financial corporations(asset management businesses or FinTech businesses) to Tokyo, this program grants subsidies to overseas financial corporations to cover a part of the costs incurred, such as the cost of recruiting personnel, in establishing new business operations (Japanese corporations, etc*2.) in Tokyo.
Subsidy to Support Base of Operations of Overseas Financial Corporations
To support expansion of Overseas Financial Corporations, this program grants to Japanese Corporations, etc. of Overseas Financial Corporations that have just been established in Tokyo to cover a part of costs necessary for promotion of growth of business, etc.
Establishment of FinCity.Tokyo
As one of the initiatives of the Global Financial City: Tokyo Vision, the Tokyo Metropolitan Government held a meeting with public and private stakeholders to establish a promotion organization. While looking to case examples in major overseas cities, the meeting examined the structure of the promotion organization, the business scope and its targets, and its expenditure scheme, including financial resources.
FinCity.Tokyo was established in April 2019 as a Tokyo’s financial promotion organization in a public-private partnership
Tokyo Financial Award
Cultivate asset management businesses
Tokyo EMP Fund
Compared to the global financial centers of other countries, Tokyo has a fewer number of asset managers. In addition, although the emerging manager program (EMP), which discovers emerging asset managers (EM) and provides funds to cultivate them, is already underway in major global financial cities, it is not a familiar concept in Tokyo. Thus, the Tokyo Metropolitan Government (TMG) has established a framework called Tokyo EMP Fund.
Subsidy for the Outsourcing of Middle and Back Office Operations
Domestic and overseas asset managers who have newly-established asset management businesses in Tokyo have limited human resources, and there are cases where middle and back office operations are heavily burdened. Thus, the Tokyo Metropolitan Government provides subsidies to reduce the burden on middle and back office operations so that emerging asset managers can concentrate human and management resources in the investment department (front department).
Tokyo independent development dojo seminar “Aiming to be an Independent Asset Management Company”
The Tokyo Metropolitan Government hosted a seminar to provide knowledge to persons working at financial institutions who are aiming to newly-establish the asset management company in Tokyo in order to increase the number of asset managers that will contribute to the revitalization of the Tokyo market in the future.
The Tokyo Metropolitan Government hosted a seminar to enhance awareness of the Emerging Managers Program (EMP) with the aim of promoting the installation of the EMP and interaction between asset managers and domestic institutional investors.
Nurturing of the FinTech industry
Accelerator Program(hereinafter referred to as “the program”) has been held by TMG with the goal of inviting foreign startups with cutting-edge technologies and business models and deepen their knowledge of both Japan’s unique market and the various needs of companies in the capital city. Furthermore, by providing Tokyo companies the opportunity to familiarize themselves with technologies possessed by foreign companies, the program aims to cultivate business matching.
Enhance financial education, etc.
Financial seminars for Tokyo residents
The Tokyo Metropolitan Government hosts seminars designed to improve the financial literacy of Tokyo residents and promote asset formation.
- FY2019 Basic financial knowledge seminar for students
- FY2018 Basic financial knowledge seminar for women
- FY2017 iDeCo and NISA seminar
The Tokyo Metropolitan Government supports the Economics Koshien National High-School Financial Tournament (hosted by Sponsoring the Tokyo Convention of “National High School Financial Economics Quiz Championship ‘Economics Koshien’” (organized by the Association for the Promotion of Financial Literacy) as an initiative to improve financial literacy among youth.