MUFG announced today the establishment of MUFG Innovation Partners (MUIP) that will manage corporate venture capital funds of MUFG to accelerate open innovation and strengthening partnerships with fintech startups.
While the MUFG Group entities have previously made separate strategic investments in fintech startups, a larger, collaborative and more sophisticated framework for strategic investments is needed by MUFG in order to adapt itself to rapid marketplace changes and enhance open innovation.
MUIP will launch a JPY20 billion ($185bn) fund backed by commitments from the MUFG entities, and will promote strategic investments in fintech startups and business synergies.
MUIP has hired venture capitalists and other professionals who have wide experiences of working with and investing in Japanese and global startups to establish a high capability of global open innovation.