MUIP will manage corporate venture capital funds of MUFG, as the bank believes that the financial services industry is being transformed by fintech startups that have scaled up rapidly and have raised substantial amounts of capital from financial and non-financial institutions.
The bank believes that, unlike previous, smaller investments by its different entities, a larger, collaborative and more sophisticated framework for strategic investments is needed to adapt itself to rapid marketplace changes and enhance open innovation.
MUIP says it will promote investments in startups and business synergies between MUFG and such startups. Around 30% to 40% of the investment funds will go toward Japanese startups, according to the company.
MUIP will take advantage of “The Investment Specialised Subsidiary” status under the Japanese Banking Act, which allows MUIP to acquire more than 5% ownerships of investees under certain conditions.
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