Japanese financial group Mitsubishi UFJ Financial Group (MUFG) has developed a fintech accelerator program and is accepting applications from fintech startups for its second batch till 22nd January 2017. The bank is interested in disruptive fintech startups from outside Japan who plan to enter the Japanese market.
The program participants will learn how financial services work, the problems faced by financial institutions, and how organizations can work together to solve these problems.
“In this program, we will fully support the steps towards commercialization, such as brush up business plan, support for construction of prototype, selection of partner according to the direction of business plan, alliance, etc. and with all the power of MUFG group, we will work together to set up a new business. We are waiting for entries of those enthusiastic who aim to set up global services/business, not limited to domestic,” the accelerator website stated (loosely translated).
MUFG has been working on the creation of innovative financial services through open innovation by using fintech and other leading technologies. The accelerator aims to spark innovation within financial services with the help from talented minds. It includes mentorship and sessions to brush up business plans and to jump start new services, EFMA reported.
The expert mentor team comprises of fintech leaders including Takahisa Ohira from Finovators, Takashi Kukihi from Mitsubishi UFJ Capital, Akira Sakamoto from The University of Tokyo Edge Capital, Kotaro Sasamoto from Dentsu Ventures, among others.
The first batch of the accelerator ended in August 2016, where five participating companies including AlpacaDB Inc., ZEROBILLBANK Ltd., Knowledge Communication Co.Ltd, among others participated. Three out of the five startups officially announced the partnerships with one or two group companies under MUFG at the end of the program.
