Japan will use dormant bank accounts for social impact investments
Japan will use dormant bank accounts for social impact investments.
The new fund, to be launched in 2019, will be modeled on the UK’s Big Society Capital, which uses unclaimed bank accounts to finance charities and social enterprises.
Portugal and Israel have also moved to create such capital pools. An estimated 100 billion yen ($886.5 million) is sitting in dormant bank accounts in Japan, though only a portion would be directed to the social-impact fund.
Big Society Capital has collected more than $375 million from dormant accounts since 2012, along with $250 million from commercial banks.
Photo credit: Reuters
