MUFG’s core banking subsidiary MUFG Bank announced that MUFG Bank, Bank of Ayudhya (Krungsri), MUFG Innovation Partners (MUIP) and Krungsri Finnovate (KFIN) have signed a Memorandum of Understanding (MoU) with the Digital Economy Promotion Agency (depa) of the Kingdom of Thailand. Through this MoU, they will support start-up companies in the digital transformation (DX) field in Japan and Thailand.

(1) Purpose and background of the MoU

MUFG Bank made Krungsri a consolidated subsidiary in December 2013 and since then has created a platform to provide high added-value financial services in both Japan and Thailand. In recent years, the government of Thailand has accelerated its efforts toward realizing a digital society, and an increasing number of companies are working toward DX. This MoU was concluded in order to strengthen the cooperation between Japan and Thailand in digital-related fields.

(2) Outline of the MoU

1. Strengthening cooperation between start-up companies and DX-oriented companies through business matching events, etc.

2. Sharing challenges with business partners and seeking solutions related to DX

3. Expanding investment candidates for KFIN and MUIP

4. Regularly exchanging of DX-related information in ASEAN countries, including Japan and Thailand

Through this MoU, the bank will work with depa to strengthen cooperation between start-up companies in Japan and Thailand while contributing to both countries’ economic and industrial development.

MUFG Press Release