MUFG sets up $185m fintech fund to push global startups

Southeast Asia and Silicon Valley eyed with focus on fields like payment services

A robot offers basic service information in front of an MUFG Bank branch at Tokyo-area Narita Airport. The megabank is accelerating investments in financial technology. © Reuters

YUMIKO OSHIMA, Nikkei staff writer

January 11, 2019 02:43 JST

TOKYO -- Mitsubishi UFJ Financial Group has launched a roughly 20 billion yen ($185 million) venture capital unit targeting startups in the U.S., Southeast Asia and at home in Japan.

The fund ranks among Japan's largest set up by a major bank to specialize in financial technology. It will invest in enterprises in areas like payments, remittances and asset management that look ripe for collaboration in the finance business, with funding from group companies -- primarily MUFG Bank, one of Japan's largest lenders.