In our “Unlocking Japan” series, we’ve explored the why and how of entering the Japanese market, from foundational principles (Part 1) and macro-economic timing (Part 2), to the corporate playbook (Part 3) and a deep-dive case study (Part 4). In this fifth installment, we turn to the Tokyo Stock Exchange (TSE) Asia Startup Hub, a curated gateway for high-potential startups, to illustrate the diverse pathways to success.

The TSE Asia Startup Hub is more than just a program; it’s a signal from one of the world’s largest financial institutions that Japan is actively seeking collaboration with innovative companies. By examining the strategies of our five portfolio companies part of the hub, we can see a spectrum of viable entry points. The insights below are drawn directly from the TSE’s official publication, “Introduction of the 2025 ‘TSE Asia Startup Hub’ Supported Companies” [1], offering a rare glimpse into how these companies present their Japan ambitions.

Instead of a single blueprint, these case studies reveal five distinct “doors” a startup can open, each leading to a different kind of opportunity in the Japanese market.

Door #1: The Direct Entry

For companies with a clear product-market fit and the resources to commit, the most straightforward path is direct entry. Singapore-based mental health platform Intellect walks through this door with confidence.

As a company highlighted by the TSE, Intellect’s strategy is a model of on-the-ground investment. With a Tokyo office, Japanese language support, and a roster of existing Japanese corporate clients, they have made a significant upfront commitment. Backed by Japanese investors including JAFCO and DG Daiwa, their strategy is clear: build a local presence to serve local needs. This approach requires capital but offers the highest degree of control and the potential for deep market penetration.

Key Takeaway: The Direct Entry door is for founders who are confident in their Japan strategy and ready to build a long-term, localized business from day one.

Door #2: The Strategic Partnership

For many startups, particularly in regulated industries like fintech, a collaborative approach is more effective. Surfin, an AI-powered fintech platform, opens the door to strategic partnerships.

While Surfin plans to unlock a more involved presence in Japan, its core B2B strategy revolves around developing AI solutions for the financial services industry, leveraging on the scale of their B2C business around consumer financing and credit inclusion. Their goal is to provide digital banking solutions to Japanese financial institutions, including embedded finance and AI-driven credit scoring. This strategy allows them to leverage the existing infrastructure and customer base of established players, turning potential competitors into powerful allies.

Key Takeaway: The Strategic Partnership door is ideal for startups whose technology can enhance or integrate with existing Japanese industries.

Door #3: The Key Investor

Sometimes, the most powerful key to unlocking Japan is a single, influential investor. Tonik, a digital bank from the Philippines, opens the door with a key investor relationship.

Tonik’s primary link to Japan is a strategic investment from Mizuho Bank, one of Japan’s largest financial institutions. This is more than just capital; it’s a stamp of approval and a gateway to a vast network. While Tonik has no current Japan office, its interest in a future TSE listing is made far more credible by having Mizuho as a major shareholder. The investor acts as the sensei and jinmyaku rolled into one, providing guidance and connections.

Key Takeaway: The Key Investor door can be opened by a single strategic investment from a major Japanese corporation, providing an invaluable asset for market entry.

Door #4: The Capital Markets

For some startups, Japan is not just a market for their products, but a destination for their shares. Indonesian logistics provider Shipper is knocking on the door of the capital markets.

With a planned Japan office, Shipper’s primary interests are “Business Development and Partners, Fundraising, and IPO preparation.” The Tokyo Stock Exchange is an attractive venue for high-growth companies, offering deep liquidity and access to a sophisticated investor base. By signaling their intent to list on the TSE, Shipper can attract Japanese investors early on and build relationships that will be crucial for a successful public offering.

Key Takeaway: For growth-stage startups, the Capital Markets door offers a powerful strategy, aligning the company with Japanese investors long before a potential IPO.

Door #5: The Exploratory M&A

Not every company is ready to commit to a full-scale market entry. For some, the first step is simply to peek through the door. Rainforest, a tech-enabled house of e-commerce brands, represents this early-stage, exploratory approach.

Even though Rainforest has physical Japan presence or Japan brands at the moment, they mention their interest in Japan revolves around M&A and fundraising. This indicates a strategy of strategic optionality. They could acquire a Japanese brand to gain a foothold, or raise capital from Japanese investors to fund global expansion. This low-commitment approach allows them to learn about the market without the significant cost of a direct entry.

Key Takeaway: The Exploratory M&A door is a low-risk way for startups new to the Japanese market to build connections and evaluate the opportunity before making a larger commitment.

A Room with Many Doors

These five case studies from the TSE Asia Startup Hub prove that Japan is not a fortress with a single gate, but a room with many doors. From direct investment to strategic partnerships, and from capital markets to exploratory M&A, the right entry point depends on a startup’s unique context. The common thread, as highlighted by the TSE’s selection, is a clear-eyed understanding of the market and a deliberate, thoughtful approach to building relationships—echoing the core lessons from our entire “Unlocking Japan” series.

References

[1] Tokyo Stock Exchange, Inc. (2025, September 25). Introduction of the 2025 ‘TSE Asia Startup Hub’ Supported Companies. [PDF Document].