ClickCease
Don't miss out! Join us at
2024 featuring Fraud Fight Club on April 25th
arrow icon
Blog

Japanese Banking Giant Mitsubishi Joins FinTech Innovation Race Launching New Research Unit

Post by:
Prove
March 10, 2021
Post by:
No items found.
March 10, 2021
Japanese Banking Giant Mitsubishi Joins FinTech Innovation Race Launching New Research Unit

As reported by Bloomberg, the Mitsubishi UFJ Financial Group Inc. (MUFG) has set up a unit to research and develop new financial technologies—the first of its kind for a major Japanese bank. The information is not public yet. However, as sources shared with Bloomberg, the team of 15 employees in Tokyo and Silicon Valley will start the FinTech Innovation Lab planned to be unveiled on January 8. The Lab will be working with FinTech companies as well as with educational and research institutions using Mitsubishi UFJ resources. Available resources will include securities and trust-banking units aimed to develop financial products and services.


MUFG is setting up the division in physically separate locations from the existing banking business to ensure the unit’s freedom and independence, which the traditional giant should not pressure.

It seems that the Japanese vision of work culture with a strict hierarchy, suits, and ties will give way to the innovative spirit with a casual dress code to help foster a startup culture and enable closer cooperation with outside ventures, as sources shared with Bloomberg.

Sources said that the Tokyo-based MUFG is also considering adding a third location for the unit in a major city in Asia.

MUFG has been investing in innovation at scale before this news. For example, Japan’s biggest bank uses IBM’s artificial intelligence machine Watson to automate call centers. Moreover, MUFG tested the humanoid robot NAO, developed by Aldebaran Robotics SAS, in some of its branches.

robot mufg

Announced at and the beginning of 2015, NAO was claimed to be able to answer most basic customer-service questions in 19 languages and analyze customers’ facial expressions and behavior.

Moreover, in November 2015, MUFG also announced that it had launched MUFG Fintech Accelerator, an acceleration program for startup companies with outstanding business ideas and technologies to establish innovative financial services leveraging ICT (Information and Communication Technologies).

As stated in the official press release, the objective of the MUFG Fintech Accelerator program is to stimulate innovative ideas to create new businesses with startup companies without any limitations of traditional financial processes. Furthermore, the Bank of Tokyo-Mitsubishi UFJ intends to involve other MUFG group companies in this program.

The accelerator program offers 4-months long intensive business acceleration for the selected startup companies. Experienced consultants and mentors are mentoring the selected companies to improve their business models. Logically, BTMU considers business cooperation and investment in startups. The second meetup event will be held on January 18th, 2016. The selection process will be completed in February, and by the beginning of March, the program will be launched.

The areas of particular interest are Payments, Lending, Asset Management and Investment, Digital Banking, Trading, Risk Management, Security, Digital Marketing, or any solutions pertaining to financial services.

MUFG is one of the largest financial institutions actively exploring relationships with FinTech in different forms. Realizing the potential threat for their business, banks are looking for a response. Last year was all about emerging FinTech. Only in December 2015, FinTech firms raised almost a billion around the world. The year 2016 may be slightly different, with powerful financial industry players collaborating to shift the balance. However, one of the prevalent ways to counter the threat is an Innovation Lab/FinTech Research Unit or any other separate establishment within an organization that focuses on bringing the new blood to the traditional workflow stream.


To learn about Prove’s identity solutions and how to accelerate revenue while mitigating fraud, schedule a demo today.


Create secure frictionless customer experiences using modern identity solutions

Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.

Prove: the world’s most accurate identity verification and authentication platform

Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.

Keep Reading...Read our latest white-paper on this subject!

Tap the button below to read our latest white-paper on the subject as industry leaders.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

Create frictionless customer experiences

Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.

Schedule a demo

Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.

Schedule a demo

Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.

Interested in more information about Prove Pre-Fill?

Download the Report

Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.

Interested in more information about MFA?

Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.