Tokyo Financial Award
Tokyo Governor Yuriko Koike handed out the Tokyo Financial Award to the winners at a ceremony in Roppongi Hills this afternoon. In her speech, Koike pointed out that the competition was held for the first time, with the goal to achieve a better society through finance. The submissions received generated several strong ideas that will help Tokyo develop into a smart city.
Koike put Tokyo and Japan into the current global context that is dominated by US/China tensions, Brexit, and the economic and political rise of China. Tokyo has to compete among regions for its place, and also drive growth for the whole of Japan. The core to Tokyo earning its dues, she said, is finance, with people & capital ensuring that the capital will rise again among global centers. The goal of “Global Financial City Tokyo” will be achieved by using finance to address social challenges and elevate society.
The awards were given out in two categories. First announced were the winners for “resolving Tokyo residents’ needs”, second those in the ESG (environment, social, governance) category. Half the applications submitted came from outside Japan. Koike expressed her expectation that the seven selected winners would go on to lead their industries, and was hopeful that the award will help the companies expand their business in Tokyo.
To frame the competition, the organizing committee had invited Tokyo residents to voice their grievances and desired improvements, which resulted in 20 categories across Banking, Payments, Asset Management, Insurance and Loans (see our article “What do Tokyo residents need?”). Home town favorite justInCase with CEO Kazy Hata walked away with the first prize and a JPY 10m award. We have previously profiled the company and its founder. Toranotec and Glory came in second and third, respectively.
The award in the ESG category was shared between Neuberger Berman East Asia Limited, Robeco Japan, Sompo Holdings, and Sumitomo Mitsui Trust.
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