Following this announcement, Ascend Money’s funding round is aimed at optimising its role in Southeast Asia’s fintech sector. The investment was led by Mitsubishi UFJ Financial Group (MUFG) Bank, with additional participation from the Finnoventure Private Equity Trust I fund which is managed by the Krungsri Finnovate Co.
In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
More information on the announcement
Throughout this initiative, the funding round is expected to accelerate the company’s strategy to provide clients and businesses with optimised solutions and financial inclusion in the region of Thailand. At the same time, Ascend Money will continue to provide its network of partnerships with corporations, businesses, and merchants, which will enable broad accessibility to its comprehensive and secure suite of financial services both online and offline.
Furthermore, the firm will also focus on extending its reach within the Thai customer market and its adept understanding of local financial needs and demands. This process will also prioritise the acceleration and development of digital payments and financial inclusivity. The funding round will also expand its footprint further, as well as optimise financial tools accessibility, and contribute to Thailand’s overall economic growth.
MUFG’s broader strategy across Southeast Asia will also include previous investments, such as the USD 200 million investment in Akulaku, an Indonesian digital financial platform. This process is expected to broaden the financial institution’s client base in the area and support underserved markets through collaborative efforts in distribution, financing, product development, and technology.
