Mitsubishi UFJ to Establish New Bank for Mobile Users?

Mitsubishi UFJ Financial Group, which has Mitsubishi UFJ Bank under its umbrella, is considering the establishment of a new bank specializing in Internet banking, where procedures such as account opening and remittance can be completed on a mobile device. The bank is expected to open in 2026 at the earliest.

In Japan, the Bank of Japan has been raising interest rates intermittently, and competition among financial institutions to acquire deposits has been intensifying.

Mitsubishi UFJ Financial Group is believed to be aiming to attract younger customers, especially Generation Z, by offering ease of use and a variety of services to its customers.

The new bank is likely to use a different platform from that of Mitsubishi UFJ for the purpose of speed and flexibility in launching new services. This is expected to make it easier to update applications and further facilitate collaboration with external companies.

(source) https://news.yahoo.co.jp/articles/20174e00cb841c3bae3e7956736f839bbe58ba75