Published February 12, 2018
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Mitsubishi UFJ Financial Group, Inc.’s (MUFG) banking entity, The Bank of Tokyo-Mitsubishi UFJ, Ltd. announced a partnership with iAPPS, a leading FinTech company in Singapore. This partnership will see MUFG launching various FinTech initiatives in Southeast Asia by leveraging on iAPPS’ existing FinTech platform to provide innovative services to consumers and businesses across the region.
The two companies have identified several areas of collaboration that include facilitating efficient cross-border money transfers as well as revolutionising traditional supply chains in agricultural, manufacturing, and retail industries to improve efficiency and further create economic value in Southeast Asia.
“At MUFG we recognise the potential of new technologies especially in the financial sector and the importance of harnessing them for our strategic business efforts. We are constantly exploring innovative ideas that can help our clients find alternative and more effective solutions to their banking needs,” said Mr. Hirofumi Aihara, General Manager of Digital Transformation Division, MUFG.
“We want to leverage FinTech to develop practical applications that not only improve the banking experience of our customers, but further contribute to process and service improvements, such as cross-border payments and settlements. Such a partnership with a promising FinTech start-up company like iAPPS will allow us to continue this approach on an open platform and achieve commercial success in the supply chain ecosystem” he added.
Ms. Lilian Koh, Chief Executive Officer of iAPPS said: “iAPPS is honoured to be entering into this significant relationship with MUFG, a world leader in financial services. We are looking forward to the many collaborative opportunities that this strategic alliance will bring. I am confident that this alliance will strengthen our capabilities to provide excellent FinTech services to the Southeast Asian region and beyond.
Re-disseminated by The Asian Banker