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Mitsubishi UFJ Financial Group’s MUFG banking subsidiary, MUFG Bank, Ltd., has chosen Velotrade, an online cashflow solution provider, as its internal invoice processing manager in Hong Kong.
Velotrade’s trade finance platform will be used to automate trade invoices generated by the MUFG Bank every month. Per the agreement, Velotrade recently delivered a highly-customized version of its SFC-licensed platform to MUFG Bank's Transaction Banking Office for Asia.
The platform is an in-house development of the Velotrade’s team of technology specialists. It can be customized in accordance to the needs of financial institutions in order to streamline their trade finance transaction processes.
Hiromi Kaiki, MUFG's managing director, transaction banking office for Asia, said "Digitalization is crucial to MUFG's business strategy, which seeks to leverage technological innovation to transform its business and empower clients for greater success. By leveraging on the technological platforms and expertise of Velotrade, we expect to enhance operational effectiveness by better managing high volumes of trade transactions."
Notably, MUFG has been continuously entering into alliances, especially with FinTechs, in order to improve processes. In August, MUFG Bank and Liquidity Capital M.C. Ltd., an Israeli FinTech company, entered into a joint venture agreement to launch a debt financing business for start-up companies, mainly in the Asia-Pacific.
Further, in February, the bank announced that it has entered into a capital investment and strategic alliance agreement with Grab Holdings Inc., the leading super app in Southeast Asia. As part of the alliance, MUFG will leverage its strategic partner bank relationships in Southeast Asia to co-operate with Grab to provide new innovative financial services to clients in Southeast Asia.
Shares of MUFG have gained 6.5% on the NYSE over the past six months compared with the industry’s growth of 25.7%.
Currently, the company has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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