Tokyo is now offering subsidies for foreign FinTech companies in the green finance field looking to open new businesses in the city.
The Tokyo Metropolitan Government (TMG) opened applications on October 15th for subsidies for foreign asset management and FinTech companies specialising in green finance who are looking to start new businesses in Tokyo. Eligible foreign companies will be able to participate in this new green finance subsidy programme.
Tokyo’s government is hoping to expand the local green finance market, as well as fund global investment in combating climate change and a sustainable post-pandemic recovery. As the Covid-19 pandemic slowly subsides across APAC, governments, businesses, and private entities are looking for new and sustainable ways to rebuild the global economy. This includes investment in technology fields that will be fundamental for sustainable recovery, such as green finance and HealthTech.
Under the “Green Finance Subsidy Program for Tokyo Market Entry,” the Tokyo government will finance expenses eligible firms will have to pay to start operating in Tokyo to work in this field.
Applications will be open until the 19th of November, 2021 for relevant companies who want to start their business in Tokyo by the end of March, 2022. Following a two round screening process that will run through December, financial and other relevant support will be provided to five select applicant companies.