CASE42 Supporting Global Coin Solutions' expansion into Tokyo to achieve a sustainable society through the effective utilization of unused foreign currency assets
https://www.globalcoinsolutions.com/ja
Founder
Quinn Ryder
Global Coin Solutions（https://www.globalcoinsolutions.com/ja）is a North American company that pioneers fundraising, cash management solutions, and the processing of foreign currency to promote social impact and sustainability through recirculation. The company handles the entire process from collecting foreign currency (coins and banknotes), sorting, depositing, and remitting funds. Furthermore, it has established a system to connect foreign coins collected from individuals and corporate entities to charitable organizations, NGOs, and NPOs.
In recent years, with the increase in inbound tourism, the amount of physical foreign currency entering Japan has increased significantly. While much of this currency is "invisible" a significant amount has found its way into donation collectors for charities, shrines, and temples throughout the country. The company's system enables the efficient recirculation of this "stuck" foreign currency as charitable donations to NPOs, and NGOs. The company has already partnered with a variety of charitable organizations and financial institutions throughout Asia and North America to effectively repatriate and deposit this currency. These efforts generate sustainable benefits for all stakeholders and contribute to the creation of charitable value in local and international communities by serving as a bridge between social contribution and economic activity.
Support by Business Development Center TOKYO (BDCT)
- Providing information on establishing a Japanese corporation and expanding into Tokyo
Reason for choosing to establish the company in Tokyo
Previous experience in my role as Director of Overseas Business Development at Pocket Change Inc. gave us a firsthand look at the challenges and opportunities that existed related to foreign currency circulation and repatriation. This was one of the driving factors in deciding to establish our organization here in Japan.
Despite the fact that Japan continues to attract significant inbound tourism, it also suffers from the various problems that come with it. Surprisingly, despite physical cash/commerce permeating nearly every facet of every economy on earth, there are no established institutional processes to address "stuck currency".
It was our goal to take a model that we had previously applied overseas, and to expand/evolve it with Japanese philosophies. Core among them, the idea of Sanpo Yoshi (pioneered by the Omi merchants) - a system that considers the threefold nature of transactions and expands the tangible benefits beyond "company and customer", to include society as a whole.
We chose Tokyo due to its proximity to the majority of our customers, inbound tourism, commerce, and its excellent port access. Furthermore, existing networks and support systems are concentrated in Tokyo, making it the optimal location for our operations.
User feedback on BDCT services
In my previous role, I had briefly utilized the Tokyo One-Stop Business Center (TOSBEC), an affiliate of BDCT, where I learned about BDCT's services. I was able to consult with them regarding our plans to expand into Tokyo.
Among the many challenges we faced while developing the plans for our expansion was the lack of comprehensive information and practical support. BDCT has a proactive approach where they respond flexibly and on an ad hoc basis to the needs of organizations like ours. In our case, our search for rental space would accommodate our specific business structure and needs.
We're relieved to know that BDCT exists should we need to follow up on similar issues in the future.
We are optimistic that the business environment in Tokyo will continue to evolve to meet the complex demands and challenges of a modern economic landscape. Should you be interested in starting a business in Tokyo, BDCT's free consultation services are freely available, accessible, and worth exploring.
Outlook for future business development
Japan is unique in that, while utilization and protection of cash as a payment method is significantly more robust than similarly developed countries, the NGO/NPO space faces its own set of unique challenges.
Although the amount of foreign currency available for donation has been increasing due to inbound and other factors, NGOs and NPOs have faced a lack of awareness around foreign currency fundraising - and more importantly, the absence of reliable processes to access the value of these donations through sustainable deposit systems. As a result, the majority of this 'stuck currency' or these 'stuck donations' have historically remained unusable or very low value.
Furthermore, social impact organizations (NGOs, NPOs, and Charities) face additional challenges including a lack of stable/reliable funding through traditional channels, the slow development of an altruistic "donation culture", and difficulties in collaborating with government and corporate entities.
We hope to bridge the gap between social impact organizations and their various supporters (individuals, governments, corporate entities, etc.) by focusing on CSR, ESG, and SDG related impacts of foreign currency fundraising, consolidation, and repatriation.
We encourage any organization (private/public/governmental/etc.) interested in a simple, free, and immediately impactful way to support sustainability and charity to reach out and connect with us.