Tricor Selected by Japan Financial Services Agency (JFSA) to Lead Financial Start-up Support Program, a One-Stop for Overseas Financial Companies Entering Japan

Jun 9, 2021

Tricor Japan (Tricor), the Japanese subsidiary of Tricor Group – Asia’s leading provider of integrated business, corporate, investor, human resources & payroll, corporate trust & debt services, fund administration and strategic business advisory – has been selected by Japan Financial Services Agency (JFSA), a government agency and regulator that oversees the country’s financial services industry, to develop, operate and lead its newly launched Financial Start-up Support Program, a one-stop for foreign asset management companies (hereinafter referred to as "overseas financial companies") entering the Japanese market.

As a public-private partnership, the goal of the Financial Start-up Support Program is to elevate Japan’s global financial center status and attract more foreign direct investment (FDI) from overseas financial companies by easing market entry processes including financial license application support, compliance personnel recruitment, and providing relocation assistance. As the exclusive private operator of the Financial Start-up Support Program, Tricor will provide overseas financial companies with English-language incorporation and financial business license registration solutions. Furthermore, the program extends to acclimating executives of financial companies to living and working in Japan, offering relocation services including visa administration, real estate, healthcare and education.

Overseas financial companies previously needed to work with a broad array of service providers – including law firms, tax accountant firms, notaries, certified accountant offices, labor attorneys and BPO providers – to incorporate and begin their commercial expansion into Japan. In addition, it was necessary to qualify the English-language capabilities of each service provider. The Financial Start-up Support Program spearheaded by Tricor removes these barriers and centralizes services to streamline and simplify market entry into Japan for overseas financial companies and their executives.

Japan Financial Services Agency (JFSA), said: “With the help of Tricor, which operates globally and has a broad network, we will further promote our efforts to make Japan an international financial center. We hope that this Financial Start-up Support Program will provide a boost to foreign financial businesses that are considering to enter and expand in the Japanese market. At the same time we intend to leverage this Program as a model project to capture lessons learned and apply them to future policymaking in order to improve the Japanese ecosystem around the financial business start-up.”

Scott Sato, Tricor Japan CEO, said: “Following bold new legislation and incentives, Japan is committed to attracting more foreign investors and asset managers. With over 20 years of experience operating here in Japan, the Tricor team of experts has supported the expansion endeavors of over 750 multinational clients. We look forward to entering our next chapter of growth, working alongside JFSA to help bolster Japan’s status as a premier hub for international finance. We are honored to be selected by JFSA to launch and lead the Financial Start-up Support Program, which brings the public and private sector together to meet the evolving needs of overseas financial companies with a one-stop of integrated market entry and expansion solutions. By empowering this program with Tricor’s vast global network and capabilities, our team looks forward to connecting overseas financial companies and their executives with the full breadth of services they need to succeed in the Japanese market.”

Gary Tok, Tricor Group Chief Commercial Officer, said: “With Japan being the third-largest global economy and among the world’s largest recipients of FDI, it often ranks as a top destination for investment and commercial expansion. By removing barriers to market entry and even helping to support the relocation of executives and their families, the Financial Start-up Support Program opens new doors for asset managers looking to invest and expand into Japan. Under the direction of Tricor’s talented team, we look forward to working with investors and asset managers to capitalize on emerging commercial opportunities in Japan.”

For more information, contact Tricor Japan at financialsupport@jp.tricorglobal.com to learn how we can help you get started.

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For more information, please contact:

HONG KONG SAR (GROUP OFFICE)

Sunshine Farzan

Tricor Services Limited

Group Head of Marketing & Communications

Tel: +852 2980 1261

Email: Sunshine.Farzan@hk.tricorglobal.com

JAPAN

Akie Hamagishi

Tricor Japan

Director, Corporate Development

Tel: +81 3 4580 2700

Email: Akie.Hamagishi@jp.tricorglobal.com


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Topics: Tricor News, Global, Japan, Market Expansion, Business Expansion

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