MUFG Eyes Akulaku in a Bid to Strengthen Its Grip in Southeast Asia

By Editorial Team 15/12/2022
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Summary

Mitsubishi UFJ Financial Group Inc (MUFG) is reportedly exploring talks to invest US$200 million in fintech Akulaku Inc, Bloomberg reported on Wednesday. The Japanese bank is negotiating investment terms in Akulaku.

"This is in line with MUFG's efforts which are currently trying to expand its presence in the Southeast Asia region," a Bloomberg source said. According to the source, the funding could bring Akulaku's valuation to around US$1.5 billion and turn it into a unicorn. MUFG's investment in Akulaku will add to the capital that the Alibaba-owned company has raised, including the US$100 million fundraising from Thailand's Siam Commercial Bank Pcl secured earlier this year.

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