MUFG Invests $200 Million in Indonesia Financial Platform Akulaku

Mitsubish UFJ Finanicial Group (MUFG), a leading global financial services group and one of the largest banking institutions in Japan, has invested US$200 million in Akulaku, a digital banking and financial platform in Southeast Asia, to expand its reach in the region.

The new investment is another major investment for the platform since it received a US$100 million strategic funding​ from Siam Commercial Bank in February.

Akulaku said in a statement on Monday that the new funding would be used to invest in providing banking services to underserved markets in the region.

In addition, Akulaku also revealed that it has reached an agreement with MUFG to cooperate with the latter in product development, distribution, financing and technology in Southeast Asia.

Akulaku said: "The Company's [Akulaku's] future growth plans align with MUFG's, and the companies' joint expansion into new territories, markets, and products will accelerate heading into 2023."

"Akulaku's strong technological capabilities in credit, risk management, mobile banking, and customer acquisition will bring solid value to this partnership," the financial firm added.

Kenichi Yamato, Managing Executive Officer and Chief Executive of the Global Commercial Banking Business Unit at MUFG Bank, said: "Southeast Asia is key and a second home market to MUFG. Our investment in Akulaku will further solidify our commitment in this region to meet the growing financial needs of underserved customers."

MUFG has been exploring and developing in new fields in recent years. Last month, the company signed a collaborative agreement with metaverse travel service provider and platform ANA NEO and Sompo Japan Insurance, Inc. to enter metaverse​.