Mitsubishi UFJ Financial Group (MUFG) is leading a US$195 million investment in Thailand’s digital payment and financial service provider, Ascend Money, alongside Krungsri Finnovate.
Ascend Money, backed by Thailand’s Charoen Pokphand Group, has 30 million active users and a strong presence in consumer payments and financial services.
The company partners with major businesses like True Corp and 7-Eleven. Ascend Money is currently expanding its digital lending business by leveraging its customer base.
MUFG has been actively expanding its commercial banking presence in the Asia-Pacific region, which is considered its second home market, investing in various digital startups and tech firms since 2020.
Notable investments include Grab, Home Credit, Akulaku, the establishment of the Garuda Fund, and DMI Finance.
The bank also launched the “MUFG Openly-connected Digital Ecosystem” (MODE) in 2023 to foster knowledge sharing among its invested companies.
This move is expected to expand MUFG’s customer base and foster new business collaborations within its network.
By integrating Ascend Money into MODE, MUFG seeks to deepen its digital technology expertise.
Yasushi Itagaki, Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group at MUFG said,
“Ascend Money is a promising fintech player in Thailand with widespread penetration in the country’s consumer segment and deep understanding of their daily payments and financial requirements.
With this investment, we are making a significant contribution to the ongoing development of Thailand’s digital economy and financial inclusion, further underscoring MUFG’s commitment to the sustainable development of the country and the broader region as a whole.”
Suphachai Chearavanont, Founder and Chairman of the Board of Ascend Money said,
“We are delighted to welcome MUFG’s joint investment in Ascend Money alongside existing investors C.P. Group, ANT Group, and Bow Wave Capital Management.
This is a significant milestone for Ascend Money, which not only validates our commitment to innovation and financial inclusion in Thailand but also demonstrates a growing interest and confidence in Ascend Money’s potential.”
Featured image credit: Edited from Freepik
