Arab News Japan
The Tokyo Metropolitan Government is working towards developing the FinTech industry and has selected operating company FINOLAB Inc. to manage the FinTech Support Fund to which Japan will invest 200 million JPY in March.
The company will help enhance the development of the industry by offering solutions to social issues by supplying innovative services.
Plans to achieve these FinTech goals are based on the “Global Financial City Tokyo” Vision 2.0 which was announced in Nov. 2021.
In a report published by TMG, they outlined how the reviewed vision is necessary as “Tokyo’s position as a global financial city would be in jeopardy if the city cannot respond quickly to these drastic changes in the global financial environment.”
It was also outlined that as part of the reviewed vision, TMG will “develop measures focusing on three pillars” which include “promotion of green finance, financial digitalization, and accumulation of diverse finance-related players.”
FINOLAB Inc was established in July 1019 and specializes in operating a membership-based business incubation facility that provides space for offices, events, and meetings, to build and support the FinTech community. They also support the growth of fund investees through hands-on acceleration using community management experience and industry networks.