Mitsubishi UFJ Financial Group (MUFG) is a digital payment and financial services provider in Thailand. Ascend Moneyalongside Krungsri Finnovat.
Backed by Thailand’s Charoen Pokphand Group, Ascend Money has a strong presence in consumer payments and financial services with 30 million active users.
The company has partnered with major companies such as True Corp and 7-Eleven and is now leveraging its customer base to expand its digital lending business.
MUFG has been aggressively expanding its commercial banking presence in the Asia-Pacific region, which it considers its second hub market, and has invested in various digital startups and technology companies since 2020.
Notable investments include Grab, Home Credit, Akulaku, the establishment of Garuda Fund and DMI Finance.
The bank also launched the “MUFG Open Connected Digital Ecosystem” (MODE) in 2023 to promote knowledge sharing among its portfolio companies.
The move is expected to expand MUFG’s client base and foster new business collaborations within the network.
By integrating Ascend Money into MODE, MUFG aims to further deepen its digital technology expertise.
Yasushi Itagaki
“MUFG is pleased to welcome Itochu Enex to the MUFG Global Banking Group,” said Yasushi Itagaki, Executive Managing Director and Head of Global Commercial Banking.
“Ascend Money is a promising fintech company in Thailand with extensive penetration among Thai consumers and a deep understanding of their everyday payment and financial needs.
“This investment marks our significant contribution to the continued development of Thailand’s digital economy and financial inclusion, further highlighting MUFG’s commitment to the sustainable development of the country and the region as a whole.”
Supachai Cheeravanon
“Ascend Money is a game-changer for the digital economy,” said Supachai Chearavanont, founder and chairman of the board of directors of Ascend Money.
“We are pleased that MUFG will co-invest in Ascend Money alongside existing investors CP Group, ANT Group and Bow Wave Capital Management.
“This marks an important milestone for Ascend Money and not only demonstrates our commitment to innovation and financial inclusion in Thailand, but also signals growing interest and confidence in the potential of Ascend Money.”
Featured Image Credit: Free Pick
