Japan's MUFG launches fund for U.S., Israel AI startups
Sep 07, 2023 - asia.nikkei.com
A subsidiary of Mitsubishi UFJ Financial Group has initiated a 20 billion yen ($136 million) fund, primarily investing in overseas startups, with a particular interest in generative artificial intelligence technology for the group's banking unit. The fund, managed by MUFG Innovation Partners (MUIP), will target fintech-related businesses in countries like the U.S. and Israel, with the goal of fostering the development of financial services utilizing generative AI.
Key takeaways:
A subsidiary of Mitsubishi UFJ Financial Group has launched a 20 billion yen ($136 million) fund investing mainly in overseas startups.
The fund will focus on generative artificial intelligence technology that can be used by the group's banking unit.
The fund is being managed by MUFG Innovation Partners (MUIP).
MUIP will look for fintech-related businesses in such countries as the U.S. and Israel, aiming to promote development of financial services that use generative AI.
