TOKYO (dpa-AFX) - Mitsubishi UFJ Financial Group Inc. (MUFG, 8306.T) announced on Monday that its unit MUFG Bank, Ltd. signed a memorandum of understanding or MOU with Japan's JCB Co., Ltd. to form a comprehensive strategic alliance in the ASEAN region.
The companies aim to combine MUFG's banking network and financial services with Japan's only international payment brand JCB's global payment network and merchant base.
The MOU targets the Southeast Asia region's affluent customer segment and growing digital payments market.
Under the alliance, MUFG will leverage its partner bank network and investments in digital businesses, while JCB will contribute its merchant network and payment expertise.
The partnership aims to develop new services including deposits, investments and digital payment solutions, with initial focus on affluent customers.
Key areas of collaboration include launching a new premium card in Indonesia in fiscal 2026 ending March 2027. The card will be JCB's highest-tier product ever issued outside Japan and will be linked to deposit and investment services.
The companies will also explore cross-border payment solutions and mobile services by connecting MUFG's digital finance investees with JCB's payment capabilities.
Beyond financial services, the alliance aims to build a 'Japan-led financial and payment partnership platform' in ASEAN. It will expand partnerships with Japanese companies to strengthen Japan's presence in the region and support Japan as a tourism destination.
MUFG and JCB said they will move forward with concrete initiatives based on the MOU to achieve sustainable growth and create new value in ASEAN.
On the Tokyo stock exchange, shares of Mitsubishi UFJ closed Monday's trading 1.32 percent higher at 3,370.00 Japanese yen.
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