The deal significantly expands Japan-based MUFG's digital financial services portfolio in Southeast Asia.
A subsidiary of Tokyo-based MUFG will invest $200 million in Silvrr Technology (also known as Akulaku), a fintech company providing digital services to Indonesia and across Southeast Asia, according to a statement issued on Monday.
MUFG considers Indonesia as a particularly important market given that it has the largest Gross Domestic Product (GDP) of any country in Southeast Asia and that it is expected to enjoy high growth rates in the future.
Buy Now Pay Later
Akulaku is backed by China's Alibaba Group, and it offers digital banking and other services such as «buy now pay later» type services and cash lending. The company received a $100 million investment from Thailand's Siam Commercial Bank in February.
The announcement follows MUFG's $621 million purchase of the Philippines and Indonesian units of Dutch consumer finance company Home Credit in November.
