Mitsubishi UFJ Financial Group Inc. linked with fintech platform Finatext Ltd to boost investment trust sales by providing information through a smartphone application, reported Bloomberg, the first time Mitsubishi partnered with fintech startup on a new service.
The Fundect app, which was developed by as part of a competition run by Mitsubishi UFJ, helps users to select investment trusts, exchange information about the funds and shows banner advertisements for the bank, Ryota Hayashi, Finatext CEO told Bloomberg.
This product meets the needs of users immediately, which is something that banks and securities firms have been lacking,” Hayashi said in a phone interview with Bloomberg on Thursday. “Our first goal is to get 100,000 downloads.”
Earlier this month Japanese e-commerce giant Rakuten initiated a $100 million fintech investment fund focusing on investments in disruptive early to mid-stage fintech startups aims to offer attractive return potential with strategic relevance. The fund initially targets investments in startups and growth companies primarily in the U.S. and Europe, building on the success of previous fintech investments made by Rakuten, including Currency Cloud, WePay and Bitnet.