| | FEBRUARY 20239IN FOCUSJAPAN'S MUFG TO VENTURE $200M IN INDONESIAN FINTECH AKULAKUJapan's Mitsubishi UFJ Financial Group (MUFG) said its banking unit will invest $200 million in Indonesian fintech company Silvrr Technology, known as Akulaku. Backed by China's Alibaba Group, Akulaku offers digital banking and other services such as Buy Now Pay Later. Akulaku had received a $100 million investment from Thailand's siam commercial bank Pcl in February. `Indonesia is particularly important' for MUFG's expansion in Asia given the country's economic size and a high growth potential among southeast asian peers, the company said in a statement. The announcement follows MUFG's purchase of the Philippines and Indonesian units of Dutch consumer finance company home credit last month for about 596 million euros ($632 million). MUFG made Jakarta-based bank danamon its consolidated subsidiary in april 2019.MUFG is also planning to acquire a Japanese buy now pay later company Kanmu for nearly 20 billion yen ($150.56 million), the Nikkei newspaper reported on Monday. MUFG Bank said in a statement that it was considering the acquisition of shares in Kanmu, adding nothing had been decided yet. Our MUFG brand promise `Your trust, your future, our commitment' is a fresh expression of our corporate vision, mission and values. It is built on over 360 years of experience and delivered through a global network spanning more than 50 countries & regions. In our steadfast commitment to serve businesses and society by building long-term relationships, we strive every day to earn your trust, and together focus on your future. THE ANNOUNCEMENT FOLLOWS MUFG'S PURCHASE OF THE PHILIPPINES AND INDONESIAN UNITS OF DUTCH CONSUMER FINANCE COMPANY HOME CREDIT LAST MONTH FOR ABOUT 596 MILLION EUROS ($632 MILLION)
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