Grab deal signals path ahead for MUFG under new chief

$706m investment is first step into fintech in Southeast Asia

Japan's MUFG Bank will spend $706 million to purchase the largest stake in Grab by a financial institution.

SHIKO UEDA, Nikkei staff writer

February 26, 2020 05:13 JST

TOKYO -- The price tag for a partnership with ride-hailing startup Grab Holdings was $706 million, an unprecedented sum for a Japanese lender to invest in an overseas nonfinancial company. But for MUFG Bank, its expertise in all-in-one "super apps" was worth the cost.