Mitsubishi UFJ Bank and JCB Announce Comprehensive Collaboration in ASEAN

Mitsubishi UFJ Financial Group, Inc. (MUFG) (President and Group CEO: Junichi Hanzawa) and JCB Co., Ltd. (Chairman and CEO: Takayoshi Futatsugi) have signed a Memorandum of Understanding (MOU) for a strategic and comprehensive collaboration in the ASEAN region.

This agreement aims to jointly promote business expansion and the creation of new added value in ASEAN by maximizing the customer bases and financial/payment networks held by both companies.

Objectives and Background of This Collaboration

In ASEAN, driven by economic growth, there is an expansion of the affluent population and increasing adoption of cashless payments, leading to more sophisticated and diverse needs for financial and payment services. In this environment, by integrating MUFG's partner banks[1] and investment base in the digital field/financial network with JCB's payment network/infrastructure as an international brand, its extensive merchant base in Japan, and its cultivated services, we aim to create new added value in businesses targeting the affluent and in the digital payment sector, in conjunction with financial services such as deposits and investments.

[1] Bank of Ayudhya (Thailand), Bank Danamon Indonesia (Indonesia), Security Bank Corporation (Philippines), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietnam)

Main Collaboration Details

1. Enhancement of Financial Services for the Affluent in ASEAN

In collaboration with MUFG partner banks, we will offer card products that provide special and exclusive experiences and various benefits in Japan to high-net-worth individuals in ASEAN. We will also integrate these with financial services such as deposits and investments to provide richer added value. As the first initiative this fiscal year, we plan to issue a new card in Indonesia, which will be JCB's highest-tier overseas card.

2. Expansion of Collaboration in ASEAN Payment Domain

With an eye toward integrating JCB's payment functions with MUFG's invested digital financial service providers, we will consider cross-border payments and expansion of mobile functions, and work to enhance digital payment services in ASEAN.

By integrating the customer bases and payment expertise of both companies in this manner, we aim to achieve the sophistication of financial services, create new business opportunities, and generate synergies.

Formation of Collaboration with Japanese Companies and Contribution to a Tourism-Oriented Country

This collaboration is an initiative to form and expand a "financial and payment network originating from Japan" centered around Mitsubishi UFJ Bank and JCB in ASEAN. Starting with the collaboration between the two companies, we will expand broad collaboration with partner banks, digital financial service providers, and Japanese companies, thereby extending the value of Japanese brands and services. We aim to go beyond mere financial and payment services, promote the creation of new business opportunities through collaboration with Japanese companies, and further enhance Japan's presence in ASEAN.

Through these efforts, we will form a new economic zone connecting ASEAN and Japan, and contribute to the promotion of Japan as a tourism-oriented country.

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Future Developments

Based on this basic agreement, both companies will work to materialize the project. Furthermore, taking this collaboration as an opportunity, we aim to expand collaboration with more Japanese companies and achieve sustainable growth and the creation of new value in ASEAN.

Click here for the PDF version of the press release.