Mitsubishi UFJ Financial Group to Invest $393 Million in Globe Fintech Innovations

By Kosaku Narioka

Mitsubishi UFJ Financial Group's banking unit plans to invest $393 million in Globe Fintech Innovations, which provides mobile financial services in the Philippines.

The Japanese financial company said Friday that through the investment, it aims to further capture the Asia-Pacific region's growth in online financing and pursue business opportunities with Globe Fintech's strategic shareholders, including Ayala Group.

Mitsubishi UFJ said there is a growing trend of digital financial service providers reaching unbanked or underbanked consumers, and small and medium-sized enterprises in Asia-Pacific.

The Japanese company said in June that it planned to invest in Thai digital financial services provider Ascend Money in a bid to capture demand from consumers and small businesses in the Southeast Asian country.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

August 01, 2024 20:40 ET (00:40 GMT)

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