From its beginnings in the 1970s as a union of three offshore banks, Mizuho Bank Singapore has today evolved into a multifaceted financial institution in the region. In July, it deepened its roots in Singapore with the establishment of the Mizuho Singapore Foundation.
The foundation encompasses a US$1 million (an estimated S$1.3 million) donor-advised fund with TT Foundation Advisors, the philanthropy advisory services arm of Temasek Trust. The initiative is one of the first of its kind in Singapore by a Japanese financial institution.
Ms Josephine Lok, Mizuho Bank Singapore chief executive officer, says: “We set up the Mizuho Singapore Foundation to contribute and give back to Singapore society. It reflects our commitment to making a positive impact beyond banking, and we look forward to working with TT Foundation Advisors to strengthen our philanthropic capabilities to support communities meaningfully.”
The announcement was made on July 17 at the bank’s 50th Anniversary Gala Dinner at Capella Singapore, which was attended by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong as the Guest-of-Honour.
Connecting with the community
Beyond balance sheets, Mizuho Bank Singapore actively seeks to better connect with the local community through its giving efforts. Last month, employees rallied to distribute groceries and other essential supplies to its beneficiaries.
The event marks one of many that the bank undertakes to support low-income families, education, children and climate-related causes.
The launch of the Mizuho Singapore Foundation also stands as a testament to its long-term commitment to collective giving. This initiative brings together various stakeholders, leveraging their diverse expertise and resources for the common good.
Investing in people
Mizuho’s dedication to community engagement is rooted in the same principle that guides its substantial investment in talent development.
“Our employees are our biggest asset. We invest heavily in our people, providing continuous learning and development opportunities, and promoting a diverse and inclusive work environment,” says Ms Lok.
Mizuho’s investment in human capital extends beyond the bank’s walls. “We also support the development of industry talent through comprehensive training programmes and strategic partnerships with educational institutions, thus creating a strong pipeline for the future,” she adds.
The bank has been supporting the growth and upskilling of Singapore’s banking and financial services workforce. It launched in 2008 the Mizuho Scholarship, which is awarded to third-year students of the National University of Singapore Business School.
Recently it forged a partnership with the Institute of Banking and Finance to offer scholarships to Institute of Technical Education students aimed at cultivating a pipeline of fresh talent for the local financial sector.
From just a handful of employees in 2002, Mizuho now employs over 1,000 professionals who provide a suite of services, ranging from corporate and investment banking to digital banking solutions, to more than 2,000 corporate clients in Singapore.
In April 2023, Mizuho established its Asia-Pacific headquarters in Singapore, strategically anchoring its operations across the region.
Mr Koichi Zaiki, Mizuho Bank CEO for Asia-Pacific, says: “As a gateway to South-east Asia and a global financial centre, Singapore offers a unique combination of connectivity, economic dynamism and regulatory transparency, making it an ideal base for Mizuho’s regional operations.”
The bank’s business in Asia-Pacific has grown significantly over the past 20 years, with gross profit increasing five-fold in the same period. In June, Mizuho was honoured with the Best Asian International Transaction Bank award by The Asian Banker, which recognises achievements in cash management, payments, and trade and supply chain finance.
Mr Yasuhiro Kubota, Mizuho Bank co-CEO for Asia-Pacific, adds: “The bank’s core values of integrity, customer focus and innovation foster a culture of trust and collaboration, enabling Mizuho to build strong relationships with customers, clients and partners.”
Leading through innovation
Today, Mizuho is widely recognised worldwide for its excellence in areas such as project financing, transaction banking and sustainable finance. In particular, the bank has emerged as a leader in the sustainable finance space and targets 100 trillion yen (an estimated S$853 billion) in sustainable financing by 2030.
Consistently ranking among the top five project finance banks globally, Mizuho plays a pivotal role in financing key infrastructure projects that not only support economic development but also uplift communities by improving access to essential services and facilities.
Leveraging its expertise in project finance, Mizuho provides financing for renewable energy projects, including those involving solar, geothermal and wind power generation.
The bank earlier this year backed a deal to finance one of Singapore’s largest deployments of solar PV systems, covering public housing estates, government buildings, and commercial and industrial facilities.
Mizuho has also been working with like-minded organisations to advance the transition to a more sustainable and greener economy. These include a partnership with Climate Impact X, a trusted Singapore-based marketplace focused on the auction and exchange of high-quality carbon credits, and Decarbonization Partners, a venture capital platform co-founded by BlackRock and Temasek that invests in technologies to advance decarbonisation efforts.
These initiatives reflect Mizuho’s ongoing efforts in sustainability and innovation, which have been integral to its long-term success over the years.
For more information on Mizuho’s 50 years of banking excellence, please click here.
