FinCity.tokyo

 Interview: Tokyo’s Initiatives to Become a World-Leading Global Financial City

Hisashi Sekiguchi, Chief Program Officer for Global Financial City Promotion, discusses Tokyo’s wide-ranging activities to realize the city’s potential as a global financial hub.

What are your expectations of FinCity.Tokyo as a board member?

I have high expectations for FinCity.Tokyo (FCT) to serve as a driving force that will establish Tokyo’s presence on the global stage as a world-leading international financial city. To date, as a public-private partnership hub, FCT has expanded networks with financial players both domestically and internationally, strategically promoting the appeal of Tokyo. Going forward, I hope FCT will further strengthen these efforts and proactively and clearly communicate Tokyo’s advantages and business environment to overseas investors and foreign financial companies.

What are the key points Tokyo is focusing on to become a world-leading international financial city?

The Tokyo Metropolitan Government is working with FCT on various initiatives, with the key words being “resilience,” “global,” and “innovation.” What further supports and accelerates these efforts is strategic global communication.

First, regarding resilience: Tokyo aims to be a leading city in sustainable resilient finance, supporting the realization of a sustainable and robust society from a financial perspective. Since issuing Japan’s first-ever Tokyo Green Bonds in 2017, the Tokyo Metropolitan Government has issued a total of 510 billion yen in SDG-related bonds . In October this year, Tokyo issued the world’s first internationally certified resilience bond— the TOKYO Resilience Bond—on overseas markets, targeting urban resilience. We are also utilizing public-private partnership funds and collaborating with financial institutions to promote sustainable management in companies.

Regarding being global: For Tokyo to further strengthen its international financial city presence, attracting capital, talent, technology, and information from around the world is essential. This requires a concentration of diverse financial players. One barrier to doing business in Tokyo has been language. We are working to break down this language barrier and create a sophisticated financial ecosystem that draws global resources. In addition to supporting English disclosure of corporate financial information (in collaboration with FCT), we established the Tokyo One-Stop Business Establishment Center, which enables company registration procedures to be completed entirely in English. At the Business Concierge Tokyo, we offer a wide range of consultations in English, and since the end of September, we have set up an English Life Support Advisor desk to assist foreign residents with daily procedures like resident registration. We will keep working to provide a globally standardized environment, so highly skilled foreign professionals and their families can feel at ease coming to Tokyo.

The third key is innovation: The Tokyo Metropolitan Government has held the Tokyo Financial Award since 2018 to recognize initiatives that promote financial innovation and the realization of a sustainable society via finance. So far, 46 companies have been recognized. The award has gone not only to major corporations, but also to many startups, including fintech companies, some of which have grown to unicorn status or gained large investments and expanded their activities overseas.

Since last year, we have also supported expanding overseas sales channels for Tokyo’s fintech startups. In particular, we have co-exhibited with fintech firms at major international events in places like Dubai and Singapore, actively networking with investors and business partners, and promoting innovative financial ideas from Tokyo as an international financial city. We are also working with FCT to attract fintech and asset management companies from overseas and to foster emerging asset managers, supporting Tokyo’s role as a city for challengers leading the world.

Tokyo boasts a vast economic zone, the highest number of Fortune Global 500 headquarters, a reliable transportation network, world-class food and culture, and a clean, convenient city for both business and daily life. To communicate these strengths, investment environment, and the previously mentioned initiatives clearly to overseas companies and investors, we are delivering information via website and social media, and actively promoting Tokyo abroad through joint missions with FCT.

Looking ahead, we also aim to hold globally influential financial events in Tokyo. We will keep building and strengthening our networks with administrators, industry groups, and key players in overseas cities to increase Tokyo’s presence by creating more opportunities for outreach abroad and by attracting more overseas participants to events held in Tokyo by the city or FCT.

How do you hope to collaborate with FinCity.Tokyo going forward?

For us, FCT is an important partner for promoting projects by leveraging private-sector knowledge and expertise. By working closely together on policy planning, promotion, business attraction, and talent development, we aim to realize our vision of “International Financial City: Tokyo.”

In addition to joint promotion activities overseas and co-hosting flagship events in Japan, we would like Tokyo and FCT to make reciprocal use of their respective networks with domestic and international stakeholders—corporations, investors, government agencies, and industry groups—and strengthen relationships to build a global financial ecosystem and enhance Tokyo’s competitiveness.

Finally, please tell us about Tokyo’s aspirations for the future.

As seen in the Nikkei Stock Average reaching all-time highs and ongoing growth in inbound foreign direct investment, the world’s attention is now focused on Japan and Tokyo.

For Tokyo to stand shoulder to shoulder with the world’s top financial cities, constant collaboration between the public and private sectors is essential. As a board member of FinCity.Tokyo, I intend to incorporate the perspectives of a diverse range of private sector players and make Tokyo Metropolitan Government’s policies more effective. I will continue to work speedily and energetically to make Tokyo a truly world-class international financial city.