Tokyo has fallen behind its Asian peers in attracting fintech startups but hopes to turn that around with the help of a blockchain camp in the country's capital.

Singapore and Hong Kong have established themselves as leading financial technology startup hubs. Both financial centers house a myriad of innovation labs supported by global banks, financial service providers and tech firms.

Next week Hong Kong host its fintech week and Singapore in November stages the second fintech festival, an event billed as «The Davos of Fintech».

Not So Big in Japan

After the Japanese government passed a bill in May 2016 hopes were high that it would trigger a flood of financial technology firms and entrepreneurs into Japan, a country renowned for its cutting edge technology.

However that hasn't happened and if anything Japanese fintechs have found their way into other parts of Asia, particularly Southeast Asia. One high profile defection being Taizo Son, brother of Softbank billionaire Masayoshi Son.

Embracing Change

Despite lobbying his own government he’d become frustrated by regulation in Japan as well as the country’s education system. «I tried very hard by lobbying the Japanese government, why don’t we have a regulatory sandbox to bring some innovative ideas,» he was quoted as saying in a «Bloomberg» report recently.

Someone must have been listening as the Tokyo metropolitan government (TMG) is now inviting applications for its accelerator program: Blockchain Business Camp Tokyo. The program targets foreign companies that possess advanced blockchain technology in areas such as transactions, securities, the internet of things (IoT), supply chains and the sharing economy. The TMG hopes that the three-month program will generate groundbreaking innovation.

Your Name in Lights

In addition to having Japanese fintech companies as mentors at the camp, the opportunity to connect with investors and Tokyo-based businesses should also be a draw. Furthermore, technologies and services of foreign companies participating in the program will be advertised for an extended period using digital signage at Shinjuku and Tokyo stations, and support will be extended to foreign companies that decide to establish their business in the Japanese capital.