Mitsubishi UFJ to launch new digital financial service brand
Mitsubishi UFJ Financial Group Inc. said Tuesday that it will roll out a new brand for digital financial services for individuals on Monday.
The new brand will be launched through revamping a mobile banking app and unifying multiple services, including credit cards and securities. Point services in the Mitsubishi UFJ group will also be united, and a new internet bank will be established in fiscal 2026.
Mitsubishi UFJ aims to improve convenience and attract individual customers, mainly young people, by launching the new brand as competition in the Japanese banking industry is intensifying since the Bank of Japan scrapped its negative interest rate policy last year.
"We will boost links between our financial functions," Mitsubishi UFJ Group CEO Hironori Kamezawa said at a press conference, emphasising that the new brand will "play the main role in our retail business."
In the new brand, services such as quick response, or QR, code payment and trust banking can be used through the new app.
The new internet bank will utilise Google's flexible and low-cost cloud platform, which enables lower fees and preferential interest rates.
The new brand will offer asset management advice using artificial intelligence technology being jointly developed with WealthNavi Inc., a robot asset investment adviser in the group.
Mitsubishi UFJ also said it has agreed to acquire Moneytree KK, a developer of asset management apps, to jointly work on AI-based screening of loans to smaller businesses.
[Copyright The Jiji Press, Ltd.]
