Market Chatter: Mitsubishi UFJ Financial Plans Digital Services Push Targeting Smaller Japanese Businesses

MT Newswires Live06-05 17:43

Mitsubishi UFJ Financial (MUFG) aims to expand into Japan's underserved SME market with digital financial services slated to launch as early as 2027, Nikkei Asia reported Friday.

The company plans to launch credit cards for SMEs and sole proprietors in 2027 as the centerpiece of an online platform offering financing and cash-management services, according to the report.

Banks are increasingly targeting SMEs for deposit and lending growth as rising funding needs and Japan's aging population make it harder to attract deposits, the report added.

Mitsubishi UFJ Financial didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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