MUFG Signs Memorandum of Understanding with Thai Digital Economy Promotion Agency


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Tokyo/Bangkok, October 6, 2021 — MUFG’s core banking subsidiary MUFG Bank today announced that MUFG Bank, Bank of Ayudhya (Krungsri)[1], MUFG Innovation Partners (MUIP) and Krungsri Finnovate (KFIN) [2] have signed a Memorandum of Understanding (MoU) with the Digital Economy Promotion Agency (depa) of the Kingdom of Thailand (Thailand). Through this MoU, they will support start-up companies in the digital transformation (DX) field in Japan and Thailand.

  1. Purpose and background of the MoU
    MUFG Bank made Krungsri a consolidated subsidiary in December 2013 and since then has created a platform to provide high added-value financial services in both Japan and Thailand. In recent years, the government of Thailand has accelerated its efforts toward realizing a digital society, and an increasing number of companies are working toward DX. This MoU was concluded in order to strengthen the cooperation between Japan and Thailand in digital-related fields.
  2. Outline of the MoU
    (1) Strengthening cooperation between start-up companies and DX-oriented companies through business matching events, etc.
    (2) Sharing challenges with business partners and seeking solutions related to DX
    (3) Expanding investment candidates for KFIN and MUIP
    (4) Regularly exchanging of DX-related information in ASEAN countries, including Japan and Thailand
    Through this MoU, we will work with depa to strengthen cooperation between start-up companies in Japan and Thailand while contributing to both countries’ economic and industrial development.

[1] Major commercial bank in Thailand, MUFG Bank’s consolidated subsidiary
[2] A corporate venture capital subsidiary of Bank of Ayudhya Public Company Limited, a major commercial bank and consolidated subsidiary of MUFG Bank located in Thailand.

About Krungsri :

Krungsri (Bank of Ayudhya PCL and its group companies) is the fifth largest financial group in Thailand in terms of assets, loans, and deposits, and one of Thailand’s five Domestic Systemically Important Banks (D-SIBs) with 76 years of history in the country. Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s largest financial organizations. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 656 domestic branches (617 Banking Branches and 39 Auto Business Branches) and over 32,406 service outlets nationwide. The Krungsri Group is the largest card issuer in Thailand with 9.6 million credit cards, sales finance, and personal loan accounts in its portfolio; a major automobile financing service provider (Krungsri Auto); one of the fastest growing asset management companies (Krungsri Asset Management); and a pioneer in microfinance (Ngern Tid Lor).

Krungsri is strongly committed to the highest level of integrity in conducting its business. All Krungsri Group companies have been awarded accreditation from the Private Sector Collective Action Coalition Against Corruption (CAC) in collaboration with industry peers and stakeholders on a zero tolerance approach to corruption.

About Krungsri Finnovate :

In March 2017, Krungsri established a wholly owned venture capital subsidiary, KFIN, which focuses on Fintech business through investment in local start-up companies.

MUFG Signs Memorandum of Understanding with Thai Digital Economy Promotion Agency