【Press Release】TRUSTBANK and AI startup, Recursive, sign basic agreement to collaborate on regional revitalization in Japan using AI

Mechanism behind the concierge-like AI feature

• The aim is to promote regional revitalization in Japan by combining TRUSTBANK's extensive regional network and assets with Recursive's cutting-edge AI technology.

• The first phase of the collaboration will focus on the Furusato Nozei (hometown tax donation) program, with the development of a concierge-like AI feature to recommend return gifts.

Tokyo, Japan - February 18, 2025 - TRUSTBANK, Inc. (Headquarters: Shinagawa-ku, Tokyo; CEO: Kenichi Kawamura; hereinafter "TRUSTBANK")—which plans and operates "Furusato Choice," one of Japan’s largest comprehensive platforms for “Furusato Nozei” (hometown tax donations)—and Recursive Inc. (Headquarters: Shibuya-ku, Tokyo; CEO: Tiago Ramalho; hereinafter "Recursive")—a developer of AI solutions that facilitate sustainable business transformation—are pleased to announce that today, February 18, we have signed a basic agreement for strategic cooperation aimed at achieving a sustainable society by promoting regional revitalization through the use of AI technology.

The two companies will begin developing “Choice AI,” an AI feature for the Furusato Nozei program which will provide personalized return gift recommendations based on user interactions. By working to implement the concierge-like AI feature that can improve user satisfaction and experience, as well as increasing the retention rate of the platform users, TRUSTBANK and Recursive aim to ensure a stable inflow of funds to local governments, thereby promoting regional development and supporting industries in a sustainable manner, ultimately contributing to regional revitalization.

Background and purpose of the collaboration TRUSTBANK, with the vision of “creating independent and sustainable communities”, is driving regional revitalization through its extensive network with over 95% of Japan's municipalities and its initiatives to promote a cycle of regional economic growth. Recursive, with the mission of creating a sustainable future through cutting-edge AI solutions, develops and provides solutions that use advanced AI technology for various companies and organizations. This partnership combines the strengths of both companies to create new initiatives.  TRUSTBANK’s network of municipalities and regional businesses, and Recursive's expertise in developing cutting-edge AI technology will work together to drive new initiatives aimed at establishing sustainable communities and societies.

To start, TRUSTBANK and Recursive will advance the partnership within the Furusato Nozei program. Furusato Nozei is a system that allows donations to municipalities in Japan. As of October 2024, there were over 760,000 return gifts listed on Furusato Choice. However, many donors change where their donations go every year, which makes it hard for municipalities to get steady inflow of donations. As a result, municipalities often encounter challenges in leveraging revenue from Furusato Nozei donations to make long-term investments in regional revitalization efforts, including infrastructure development and industry promotion.

In this collaboration, Recursive will leverage its proprietary, advanced AI technology to develop a concierge-like AI feature on Furusato Choice that enhances donors’ usability and personalization, such as by making it easier to select return gifts. This initiative aims to improve the user experience of Furusato Choice’s unique donation process and the regional contribution, and by increasing the rate of continued use, we will promote sustainable regional revitalization.

TRUSTBANK and Recursive will continue to work towards establishing sustainable communities and societies by expanding our collaboration beyond the Furusato Nozei program to address regional economic challenges.

Comment from Kenichi Kawamura, CEO of TRUSTBANK: “The collaboration with Recursive, using their cutting-edge AI technology, will be a significant driving force in our pursuit of achieving independent and sustainable communities. We will aim to build sustainable regional societies by first focusing on enhancing the donor experience on Furusato Choice, and also expanding our collaboration to support municipalities and other relevant sectors.”

Comment from Tiago Ramalho, Co-founder and CEO of Recursive: “We are confident that the combination of TRUSTBANK's extensive regional network and our AI technology will bring new value to regional revitalization in Japan. Moving forward, we are committed to deepening our collaboration to achieve a sustainable society.”

About TRUSTBANK Inc. (https://www.trustbank.co.jp/) With a vision of "Creating independent and sustainable communities," TRUSTBANK was founded in April 2012.  In September of the same year, it launched Japan's first comprehensive platform for Furusato Nozei (hometown tax donation) program, Furusato Choice. The platform has grown to becomeone of the largest Furusato Nozei sites in the country , featuring over 1,700 municipalities—approximately 95% of all municipalities nationwide—and offering more than 760,000 return gifts (as of October 2024). In November 2018, TRUSTBANK joined the group of CHANGE Inc. (now Change Holdings, Inc.), which is listed on the Tokyo Stock Exchange Prime Market, and entered the public tech sector. The company launched the business chat service for municipalities called LoGo Chat in September 2019, followed by the LoGo Form no-code electronic application tool in March 2020. In October 2023, it launched Meibutsu Choice, an e-commerce platform for meibutsu (local specialties). Additionally, TRUSTBANK operates initiatives such as regional currency projects to promote the cycle of regional economic growth, as well as supporting regional local social businesses funded by dormant deposits. (*Ranked No. 1 in the number of listed municipalities to donate to, and return gifts as of October 2024, based on JMRO research)

About Recursive Inc. (https://recursiveai.co.jp/en/) Recursive is a service provider that offers AI solutions for building a sustainable future. By combining expertise in diverse industries such as environment, energy, healthcare, pharmaceuticals, food, and retail as well as advanced technological capabilities and specialized knowledge in sustainability, Recursive provides AI consulting services and technical development. In order to leave a better global environment and society behind for future generations, Recursive’s unparalleled professionals are leading the creation of a new society with world-class, cutting-edge technology.

Media inquiries: ■ For inquiries regarding TRUSTBANK or our partnership: TRUSTBANK Inc. Public Relations Tel: +81-50-1780-2055 / E-mail: mc@trustbank.co.jp

■ For technical inquiries regarding Recursive or the concierge-like AI feature: Recursive Inc. Public Relations: Marika Kishimoto Tel: +81-90-9847-7832 / E-mail: marika.kishimoto@recursiveai.co.jp