Japanese insurers, banks to build sustainable finance platform

The collaboration seeks to build a digital platform for investment institutions.

Various Japanese insurers and banks have signed a joint venture for the development of a sustainable finance platform.

MS&AD Insurance Group Holdings (including Aioi Nissay Dowa Insurance and Mitsui Sumitomo Insurance Company), Sompo Japan Insurance, Tokio Marine & Nichido Fire Insurance, Nippon Life Insurance, Hitachi, Mizuho Bank, Sumitomo Mitsui Banking, and MUFG Bank, have recently announced the signing of a memorandum of understanding.

Together, these firms will build the Sustainable Finance platform, aimed at establishing a seamless connection between investment institutions and listed companies as investment destinations.

The platform will reportedly enable communication and facilitate mutual understanding, as well as enhance the disclosure of environmental, social, and governance (ESG) related information. The effectiveness and usefulness of this platform will be validated through verification processes.

These companies have also agreed to conducting joint studies focused on business initiatives for the advancement of sustainable finance.

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“We will seek a wide range of user companies, provide a beta version services of the platform in the fall of 2023 and work to verify its usefulness and to strengthen various functions. In this manner, we will conduct studies jointly towards formal launch of the services in the future,” said the group of insurers and bankers in a statement.

The collaboration targets to establish a general incorporated association the summer of 2023, which will be dedicated to providing beta version services on a digital platform specifically designed to promote ESG investment.

The primary objective of the association will be to verify the effectiveness and value of the platform while fostering collaborative assessments towards the official launch of the services.

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