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Mitsubishi UFJ to speed up digitization amid pandemic

A man walks past a board of the Japanese mega bank Mitsubishi UFJ Financial Group (MUFG) in Tokyo on July 31, 2017. (AFP)
A man walks past a board of the Japanese mega bank Mitsubishi UFJ Financial Group (MUFG) in Tokyo on July 31, 2017. (AFP)
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13 Jul 2020 11:07:04 GMT9
13 Jul 2020 11:07:04 GMT9

 TOKYO: Mitsubishi UFJ Financial Group Inc. plans to speed up the digitization of its services in light of a shift in clients’ attitudes triggered by the novel coronavirus epidemic, its president, Hironori Kamezawa said in a recent interview.

He also said that Mitsubishi UFJ, one of Japan’s top three banking groups, is seeking to release in Japan a “super app” with multiple functions such as financial and taxi-hailing services as part of its capital and business alliance with Singapore-based ride-hailing company Grab Holdings Inc.

Kamezawa, who assumed the post on April 1, raised the digitization of the group’s financial services for domestic individual clients, the rebuilding of its global strategy and the reform of its back-office operations such as going paperless as his main points of focus.

Noting that the number of MUFG online banking service users has tripled year on year, he said, “The novel coronavirus accelerated clients’ digital shift.” He said that the company will set up a task force to respond swiftly to the increase in demand for digitization.

Kamezawa said that new financial services utilizing MUFG’s sophisticated credit scoring know-how will be offered to Grab’s customers in Southeast Asia.

The alliance will consider the release of the envisioned super app in Japan after evaluating customer needs and progress in deregulation, he said.

Kamezawa revealed that the MUFG group’s new domestic loans related to the coronavirus epidemic have reached 4 trillion yen. The figure totals 12.5 trillion yen when credit lines and cross-border loans are included, he added.

“The cash flow is stable for now,” he said, adding that the company will monitor the resurgence in coronavirus cases carefully.

JIJI Press 

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