The Tokyo Metropolitan Government (TMG), in collaboration with the national government, private sector, and others, is advancing initiatives to revitalize the financial sector in order to win back Tokyo's position as the top global financial city in Asia.
Press releases related to the Global Financial City: Tokyo
Each link goes to the TMG's official website, and it is provided in Japanese.
- Tokyo Financial Award, Financial Innovation Category: 5 financial companies have passed the initial screening（October 4, 2019）
- Tokyo Metropolitan Government selected the Foreign Companies which participate in the Accelerator Program FinTech Business Camp Tokyo（August 9, 2019）
- Tokyo Financial Award, ESG Investment Category : Now Accepting Candidate Financial Institutions!（August 5, 2019）
- Tokyo Financial Award, Financial Innovation Category:Now Accepting Candidate Financial Institutions!（July 16, 2019）
- Tokyo Financial Award: TMG Is Now Accepting Financial Institution Candidate Submissions!（September 14, 2018）
- “Subsidy Granted in Relation to ‘Introduction of Tokyo EMP Fund’” （July 13, 2018）
- “Subsidy Granted in Relation to ‘Costs of Outsourcing Middle and Back Office Operations’” （April 27, 2018）
"Global Financial City: Tokyo" Vision
In November 2017, in order for Tokyo to shine as the world's leading global financial city, the "Global Financial City: Tokyo" Vision has been compiled. This Vision includes the city images Tokyo to pursue, the concrete measures that must be taken, the structure to promote these measures to realize its aims, and etc,. Going forward, the TMG, in close collaboration with parties within and outside Japan, regardless of whether they are public or private, will proactively and courageously promote initiatives in this Vision with swift action.
- Text of "Global Financial City: Tokyo" Vision -Toward the Tokyo Financial Big Bang-
Tokyo Financial Award-Announcing the Winners of the Tokyo Financial Award
AS one project included in the “Global Financial City: Tokyo” Vision announced in November, 2017, the Tokyo Metropolitan Government (TMG) is carrying out the new Tokyo Financial Award to recognize financial institutions developing and providing products and services that meet Tokyo citizens’ needs and challenges, as well as those who are contributing g to the spread of ESG investment.Through the evaluation process, the winners of the Award have been decided.
“Outline for the Granting of Subsidy Pertaining to the Tokyo EMP Fund”
Japan has a fewer number of asset managers compared to the global financial centers of other countries. In addition, although the emerging manager program (EMP), which discovers emerging asset managers and provides funds to cultivate them, is already underway in major global financial cities, it is not a familiar concept in Tokyo. The aim of this subsidy program is to establish a framework called “Tokyo EMP,” through which the Tokyo Metropolitan Government (TMG) provides institutional investors with an incentive to let emerging managers (EM), who possess a license and do business in Tokyo, handle their funds.
"Subsidy for the Outsourcing of Middle and Back Office Operations or License Contract for Relevant Systems"- Extension of the Application Period for Recognition as Qualified Emerging Asset Managers and Qualified Outsourcing Providers, Etc. -
In the “Global Financial City: Tokyo” Vision released by the Tokyo Metropolitan Government (TMG) on November 10, 2017, “support for organization building of asset management businesses” was listed as one initiative to be taken to achieve the vision. Based on this guideline, the TMG has established a system in which a subsidy is provided to partially cover the costs of outsourcing middle and back office operations. To be eligible for this scheme, the subsidized business as well as the outsourcing provider must receive TMG recognition as a “Qualified Emerging Asset Manager” (1Qualified EM) and “2Qualified Outsourcing Provider”, respectively. The TMG has been calling for applications from businesses wishing to receive this recognition. The application period has been extended and the requirements have been amended as follows.
Advisory Panel for Global Financial City Tokyo
With the goal of realizing Global Financial City Tokyo, in November 2016, an advisory panel comprising the governor of Tokyo, financial experts, leaders of companies in Japan and abroad, and others, has been established to examine the revitalization of the financial sector and the development of business in Japan by foreign financial companies, and study sweeping measures to resolve such challenges. After about an year long discussion, "Advisory Panel for Global Financial City Tokyo Final Review" has been compiled in October 2017.
- Text of "Advisory Panel for Global Financial City Tokyo Final Review"
Tokyo Asset Management Forum
The Tokyo Metropolitan Government (TMG) released the “Global Financial City: Tokyo” Vision on November 10, 2017, in which it listed “introduction of an Emerging Managers Program (EMP)* and other programs” as one of the initiatives. To achieve this goal, the TMG held a seminar for institutional investors in Japan to raise awareness of EMP.
Corporate Governance of the Year Prize
As one of the initiatives to ensure the corporate governance code, which is stated in the “Global Financial City: Tokyo” Vision, the TMG is supporting the Japan Association of Corporate Directors’ Corporate Governance of the Year Prize. In the Corporate Governance of the Year Prize 2018, the winning company was awarded the Tokyo Governor Prize at the ceremony held in February 2019.
Meeting of top executives of foreign financial institutions for the goal of realizing Global Financial City Tokyo
The Tokyo Metropolitan Government (TMG) released an interim report on Policy for Global Financial City Tokyo on June 9, 2017. Working toward this goal, the TMG will now advance concrete consideration of each of the items contained in the interim report and other aspects. While also taking into consideration the discussions and final proposal of the Advisory Panel for Global Financial City Tokyo, the TMG plans to formulate the final policy report this autumn. To further enhance the final policy report, the governor hosted a meeting of top executives of foreign financial institutions to discuss issues related to the Global Financial City Tokyo.
Meeting to Discuss the Attraction of Foreign Financial Companies to Tokyo
In order to attract asset management companies, FinTech companies and others, the "Meeting to Discuss the Attraction of Foreign Financial Companies to Tokyo," comprising the Tokyo Metropolitan Government, Financial Services Agency, private enterprises and others, was established in November 2016. Following discussions to consider new measures, in December, "Immediate Measures for
Attracting Foreign Financial Companies" that can be launched from fiscal year 2017 were compiled.
Based on these immediate measures, the Tokyo Metropolitan Government will be promoting initiatives to attract foreign financial companies.
- Text of "Immediate Measures for Attracting Foreign Financial Companies"
Advertisement on the Financial Times
As one of the initiatives to enhance overseas promotion, which is stated in the “Global Financial City: Tokyo” Vision, the TMG posted an advertisement on the Financial Times (Europe edition) published on March 27, 2018.
- Image of the advertisement (The Financial Times Europe edition, on March 27, 2018)