Mitsubishi UFJ Bank invests 78 billion yen in Singapore's leading vehicle dispatching application February 25 21:22
Major bank Mitsubishi UFJ Bank has announced that it will invest approximately 78 billion yen in a Singaporean company that provides a wide range of vehicle dispatching and settlement services using smartphone apps in Southeast Asia, and will partner with it. The aim is to provide a wide range of financial services to the rapidly increasing number of smartphone users.
According to the announcement, Mitsubishi UFJ Bank, together with its group companies, will invest $ 706 million or approximately 78 billion yen in capital and business alliance in Singapore-based IT giant Grab to form a capital and business alliance.
Grab is a start-up company that handles vehicle dispatch and home delivery services using smartphone apps, as well as payment services such as money payments and remittances. The number of app downloads has exceeded 180 million in eight Southeast Asian countries and is growing rapidly.
In Southeast Asia, payments using smartphones have become more common than bank accounts, and Mitsubishi UFJ aims to provide a wide range of financial services by financing grab users and selling insurance products through partnerships.
In the domestic banking industry, competition with IT companies that are entering payment services is increasing.
Mitsubishi UFJ wants to absorb its know-how, such as analyzing customer data using AI and artificial intelligence, and utilize it for its own services. In the future, there may be more cases where financial institutions and domestic and foreign IT companies work together.