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MUFG to start 'buy now, pay later' service with Kanmu acquisition

The $150m purchase gives Japanese megabank home market access

MUFG is buying Kanmu with the aim of offering "buy now, pay later" services. (Photo by Ken Kodaka)

TOKYO -- MUFG Bank will be the first of Japan's three megabanks to enter the "buy now, pay later" (BNPL) business popular among younger consumers, as it hopes to capture that expanding market. MUFG has seen the need to expand into this segment as young people, overseas and at home, are increasingly dependent on such services.

The bank will buy 70% of Kanmu, a Japanese fintech company with unique technology to determine creditworthiness, for about 20 billion yen ($150.6 million). Under the agreement, the current management team will stay in position and maintain management independence.

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