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MUFG Bank decided on Grab tie-up based on 'three surprises'

How megabank's gamble turns out harbors clues for future of financial industry

Executive Vice President Hironori Kamezawa of MUFG Bank, left, and Grab President Ming Maa shake hands as they announce the conclusion of a capital and business tie-up between the two entities in Tokyo on Feb. 25, 2020. (Photo courtesy of MUFG Bank)

TOKYO -- The new coronavirus pandemic has fundamentally changed the daily life of people throughout the world. The use of transport services such as taxis is shrinking as people remain indoors, but home delivery of food and other items is gathering steam. Southeast Asia, which is expected to become a center of global economic growth, is no exception.

Staff members in the digital transformation division at Japan's MUFG Bank, which signed a capital and business agreement with Singapore-based multinational ride-sharing company Grab Holdings in February, have been closely watching how such changes are affecting related businesses.

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