The Tokyo Metropolitan Government (TMG) will continue to host the “Tokyo Financial Award” as part of the “Global Financial City: Tokyo Vision.” This award is given to businesses that provide and develop innovative products or services that meet the needs and challenges of Tokyo citizens and businesspeople, as well as those who promote ESG investments*. The following themes were created by us after we surveyed Tokyo residents and businesspeople to learn about their daily financial needs. The selection process for “Financial Innovation Category” will begin today. Your submission is invited. We will also begin accepting applications for the “ESG Investment category” in the middle of July. * ESG (Environmental, Socio, Governance) investment refers to investments made based on the institution’s proactive efforts in combating climate change, empowering women, and selecting outside directors. 1 Selection Themes The Financial Innovation category includes 34 themes. These themes are divided into 6 main fields. These issues are being addressed by candidates.Field
Themes (What customers want)
Deposits/
Withdrawals
Lower fees for cash withdrawals and deposits
Easy procedures to open an account such as identity verification. You can use a simple, low-cost app to make transfers. Bank compatibility is improved for ATM use and account management. It is easier to understand online banking operations
Online banking is easier with easier management of passwords and IDs.
Online banking and other transactions are now more secure
Payments
Enhanced emoney compatibility: Money transfer between apps is possible because there are too many types e-money, making it difficult to use them.
You can use cashless payment methods that are convenient and more convenient than e-money Credit Cards accepted at more stores
For theft prevention and unauthorized credit card/smartphone use, stronger security systems are required
Payment methods that have lower payment fees
Asset
Management
Financial education tools for beginners
For beginners, guidance on the best products and procedures so they can start asset management.
More products and services that allow asset management starting at small amounts
Lower fees for asset management
New services offer investment advice based on lifestyle and future plans
Insurance
From a neutral perspective, advice on the best insurance products for each customer
Simpler procedures for insurance
Learn about insurance using these tools
It is easier to understand the status of insurance coverage.
Services for insurance sharing
Financing
Loans that are suitable and neutrally rated will be approved faster and easier.
Products that do not restrict by age, occupation, income, or other factors. Services that cater to the needs of startups and small businesses.
Others
(Financial
Service as a
whole)
Services that encourage data usage
Further digital transformation in financial industry
A service that can manage financial assets together, such as bank accounts and insurance.
New financial services are being developed to prepare for the future, in which life expectancy will average at 100 years.
Services to prevent financial crime, such as enhanced security. Financial services for overseas tourists and financial transactions with foreign countries, such services with multi-currency support.