MUFG Invests $200M in Indonesian Digital Banker Akulaku

Mitsubish UFJ Finanicial Group
(MUFG), a Japanese bank holding and financial services company, has invested $200 million in Akulaku, an Indonesia-based banking and digital
finance platform. Akulaku is the business name of Silvrr Technology Co Limited.

MUFG said the goal of the
investment is to boost its customer base in the Southeast Asian region. For
Akulalu, the new investment is an addition to the $100 million funding it
received earlier in February from Siam Commercial Bank PLC, a leading commercial
bank in Thailand.

Akulaku in a statement released on
Monday explained that the funding would help give life to its mission of
providing banking services to underserved markets in the region.

“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,” the Indonesian
fintech firm noted.

As part of the investment, Akulaku
disclosed that it has entered into an agreement with MUFG to work with the
latter’s companies across Southeast Asia. Areas of collaboration under the framework include
product development, distribution, financing, and technology.

“Akulaku’s strong technological
capabilities in credit, risk management, mobile banking, and customer
acquisition will bring solid value to this partnership,” the fintech firm
explained, adding that both firms will enjoy shared skills and knowledge.

“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,” Kenichi Yamato, Managing Executive Officer and Chief Executive of
the Global Commercial Banking Business Unit at MUFG Bank, explained.

Meanwhile, in February, MUFG shut down the Global Open Network Japan, a blockchain-based online payments
venture it developed in partnership with Akamai Technologies. The firm cited
tough conditions in the payments industry for the action. MUFG first announced plans to
develop a blockchain payments network in early 2019.

Mitsubish UFJ Finanicial Group
(MUFG), a Japanese bank holding and financial services company, has invested $200 million in Akulaku, an Indonesia-based banking and digital
finance platform. Akulaku is the business name of Silvrr Technology Co Limited.

MUFG said the goal of the
investment is to boost its customer base in the Southeast Asian region. For
Akulalu, the new investment is an addition to the $100 million funding it
received earlier in February from Siam Commercial Bank PLC, a leading commercial
bank in Thailand.

Akulaku in a statement released on
Monday explained that the funding would help give life to its mission of
providing banking services to underserved markets in the region.

“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,” the Indonesian
fintech firm noted.

As part of the investment, Akulaku
disclosed that it has entered into an agreement with MUFG to work with the
latter’s companies across Southeast Asia. Areas of collaboration under the framework include
product development, distribution, financing, and technology.

“Akulaku’s strong technological
capabilities in credit, risk management, mobile banking, and customer
acquisition will bring solid value to this partnership,” the fintech firm
explained, adding that both firms will enjoy shared skills and knowledge.

“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,” Kenichi Yamato, Managing Executive Officer and Chief Executive of
the Global Commercial Banking Business Unit at MUFG Bank, explained.

Meanwhile, in February, MUFG shut down the Global Open Network Japan, a blockchain-based online payments
venture it developed in partnership with Akamai Technologies. The firm cited
tough conditions in the payments industry for the action. MUFG first announced plans to
develop a blockchain payments network in early 2019.