What do Tokyo residents need (2019 edition)?
For the second time, the Tokyo Metropolitan Government is offering the “Tokyo Financial Awards” to companies that address weaknesses in the financial services offerings identified by Tokyo residents, who had previously been invited to submit any dissatisfaction they feel, or services they wish. This wish list has been slightly updated from the prior year.
The application deadline for companies is August 23, 2019. Briefing sessions will be held in Tokyo on July 22 and July 30. International sessions are planned for London, Paris, San Francisco and Singapore, dates can be inquired for with the organizers.
From the all applicants, the best three candidates in each category (FinTech and ESG) will be chosen and awarded at a ceremony in February 2020. As before, the first prize winner will receive JPY 10 million, followed by JPY 5 million for the second place, and JPY 3 million for the third place.
The 2019 winners in the FinTech category were InsurTech startup justInCase, and asset management company TORANOTEC.
So how do Tokyo’s citizens feel? Since we have previously covered the full list of needs, in this article, we will only cover the additions compared to the previous year. The full 2019 list can be found here.
Banking
New: Simple and low-cost app for money transfers.
Payments
New: A single, or integrated, payment system for public transport
Asset Management
New: Investment advice linked to daily life
Insurance
New: Group buying for insurance (“insurance sharing”)
Other
New: Financial products for older people
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