Japan's First Fintech Hub "FINOLAB Inc." Opens in Otemachi
FINOLAB Inc., a coworking space for companies engaged in "fintech" (combining finance and technology), opened in Otemachi, Tokyo, on February 1st. An opening event was held the same day, gathering approximately 80 journalists and related parties.
FinTech is a portmanteau combining finance and technology, referring to new financial services emerging from IT-driven venture companies. Several major FinTech-related events are scheduled for 2016. The first of these is the opening of FINOLAB Inc.
The goal is to realize a "business ecosystem"
Officially named "The FinTech Center of Tokyo FINOLAB Inc.," this space opened in the Tokyo Bankers Club Building in Otemachi, Tokyo's financial hub. It aims to support entrepreneurs, serve as a hub for investor presentations and matchmaking, and realize a FinTech business ecosystem (a mechanism where multiple stakeholders like investors and entrepreneurs connect and coexist efficiently for mutual prosperity).
While Japan currently has an estimated 40 to 100 fintech companies, FINOLAB Inc. is proactively reaching out to carefully select high-quality startups. Six companies are participating at the launch stage.
Mitsubishi Estate handles the operational infrastructure, managing facilities and other physical resources. The Dentsu Group (Dentsu Inc. and Dentsu International Information Services) oversees the soft aspects, including content and community management. Additionally, FINOVATORS, a financial innovation association launched pro bono by fintech industry professionals, will provide consulting and guidance to startups while advancing lobbying efforts with the government and public agencies to foster new business development.
Provides services for developing electronic wallet systems and fund settlement/remittance systems using blockchain technology
Link the internet with biometric information to create a world where "all you need is yourself. No passwords or IDs required," offering security services like fingerprint authentication
Provides cybersecurity assurance services by identifying internet risk information
FINOLAB Inc. is a "club room"
At the opening event, Tetsuo Yuasa (Managing Executive Officer) of Mitsubishi Estate, which operates the space, expressed his hopes: "This Tokyo Bankers Club Building is located in Otemachi, the heart of Japan's financial district. We hope that at FINOLAB Inc., born on its 14th floor, fintech companies will start up and break through the stagnation felt in Japan's financial and economic systems."
Following this, Masakazu Masushima (Representative Director) of FINOVATORS, the Financial Innovation Association, delivered a speech on realizing the fintech ecosystem.
"Fintech activities differ significantly from conventional IT, requiring the development of new services within the highly regulated financial sector. It's difficult for IT engineers fresh out of university to suddenly start this work; numerous supporting specialists are essential. FINOVATORS is a coined term derived from 'Finance + Innovators'. We, FINOVATORS, are professionals who have gathered as individuals to support fintech startups and help them become companies that can compete globally. We aim to drive the ecosystem forward, involving not only fintech startups but also the government and large financial and non-financial corporations."
Next, Mr. Junichi Kanda (Planning Officer, Office of Credit System Advisor, Planning Division, General Affairs and Planning Bureau, Financial Services Agency) delivered a speech.
"The Financial Services Agency also considers fintech indispensable for advancing Japan's financial services. As startups proliferate and an industry takes shape, we were contemplating whether there was a 'hub' where new businesses could emerge. Hearing FINOLAB Inc.'s concept of a 'club room for fintech startups' truly impressed me."
Mr. Toshio Taki, Director of Money Forward and Head of the FinTech Research Institute, gave a lecture titled "The Significance of FINOVATORS in Building the FinTech Ecosystem."
"When building services in the financial industry, the question 'Is this legal?' inevitably arises. Until now, only those with access to lawyers or similar experts could easily resolve this. We aim to establish a system that can always provide precise advice for such questions. What will Japan's financial sector look like in 20 years? FinTech is one light illuminating that future. That said, startups face many immense challenges after founding, so we at FINOVATORS will provide comprehensive backup."
On February 25th, Japan's largest FinTech event will be held
The Tokyo Bankers Club Building is scheduled for reconstruction at the end of 2016. FINOLAB Inc. designated the period from February 1 to November 30, 2016, as "Phase 1." After verifying improvements and business model content, it plans to relocate and transition to "Phase 2."
On February 25 this year, as the second major fintech event, fintech companies gathered at the Marunouchi Building in Chiyoda Ward, Tokyo, for the " FIBC2016 " event. "FIBC" stands for "Financial Innovation Business Conference." It is Japan's largest event centered around a fintech pitch (short presentation) contest, organized by Dentsu Inc. International Information Services (ISID).
FINOLAB Inc. Overview
Name: The FinTech Center of Tokyo FINOLAB Inc.
URL: http://FINOLAB Inc.jp/
Established: February 1, 2016
Address: 14F, Tokyo Bankers Club Building, 1-3-1 Marunouchi, Chiyoda-ku, Tokyo
■Area: Approximately 275 tsubo (approx. 900 m²)
■Coworking Space: 49 fixed seats, 28 free seats
■Mentor Seats (Seats used by FINOVATORS, which supports fintech startups): 10 seats
■Shared Meeting Rooms: 9 rooms
■Visitor Meeting Rooms: 3 rooms
■Refreshment space with Imperial Palace view: 1 location
■Large Seminar Space (80-person capacity): 1
■Monthly Usage Fees: Fixed Seat (¥40,000/month), Flexible Seat (¥20,000/month)
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