This flagship fireside brings together two of the most respected voices in capital markets. Kathy Matsui and Ravi Menon examine how capital markets must evolve to remain stable, competitive, and trusted in an era of climate transition, AI acceleration, and geopolitical fragmentation.

Both argue that sustainability is not an overlay — it is structural. Climate risk is financial risk. Diversity is economic growth strategy. AI governance is market stability. Capital allocation choices now shape not just returns, but the resilience of entire systems. 

The question is not whether finance is evolving.
It is whether we are redesigning it deliberately — or allowing political cycles and technological acceleration to dictate the outcome.

A dialogue about capital, power, and responsibility in a decade that will test financial leadership.

A discussion on how Japan’s capital markets are evolving to strengthen resilience, unlock new sources of growth, and drive innovation across traditional and digital financial ecosystems.

This session will examine how Fintech funding has entered a harder, more selective era: global investment is still ~40–50% below the 2021 peak, exits are slower, and capital is concentrated in fewer hands. In this environment, money alone is no longer the differentiator. This session goes behind the term sheets to unpack how top investors now evaluate opportunities, actively shape portfolio outcomes, and create commercial advantage through their networks, balance sheets, and distribution power. Panelists will debate what has genuinely changed in the deal environment, how strategic and financial investors are learning to co-exist (and sometimes clash) on cap tables, and what founders must do to build resilient, long-term relationships with capital providers—because in today’s market, the wrong investor can be more expensive than no investor at all.

2026年を通じて世界各地で開催される「Doha Leadership Dialogue」シリーズの一環として、本セッションでは、フィンテックの資金調達がより厳しく、選別の進む局面に入っている現状を検証します。世界全体の投資額はなお2021年のピークから約40〜50％低い水準にあり、エグジットには時間がかかり、資本は限られたプレーヤーに集中しています。このような環境では、資金そのものだけでは差別化できません。本セッションでは、タームシートの表に出ない部分に踏み込み、トップ投資家がいまどのように投資機会を見極め、投資先の成果に主体的に関与し、自らのネットワークやバランスシート、市場への接続力を通じて競争優位を築いているのかを掘り下げます。さらに、案件環境が実際にどのように変化したのか、企業投資家と機関投資家がキャップテーブル上でいかに共存し、ときに対立しているのか、そして出資者と強固で長期的な関係を築くために起業家には何が求められるのかを議論します。いまの市場では、誤った投資家を選ぶことは、投資家がいないこと以上に高くつく可能性があるからです。