Japanese financial services company Mitsubishi UFJ Financial Group (MUFG) has inaugurated an approximately 20 billion yen ($185 million) venture capital unit.
Mitsubishi UFJ venture capital unit will focus on in the U.S., Southeast Asia and in Japan. About 30 to 40 percent of the commitments funds will go toward Japanese startups, with the remaining for areas like the U.S. technology hub of Silicon Valley and Southeast Asia.
The vehicle will infuse in enterprises in areas like payments, remittances and asset management that are ready for partnerships in the finance business, with financing from group companies, majorly Japanese lender MUFG Bank.
The fund's targets will get a maximum of $18.4 million yen over its planned 10-year span. MUFG Bank expects to bolster ties with developers of promising financial technology during a digital cataclysm in the financial services industry.