Mitsubishi UFJ Said to Start Division for Fintech Research
- Innovation Lab unit to begin with 15 employees, people say
- Banks are responding to rapid growth in fintech startups
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Mitsubishi UFJ Financial Group Inc. has set up a unit to research and develop new financial technologies, the first of its kind for a major Japanese bank, people with knowledge of the matter said.
The Innovation Lab division is starting with 15 employees in Tokyo and Silicon Valley and scheduled to be unveiled Jan. 8, the people said, asking not to be identified because the information isn’t public. It will work with universities, research institutions and financial-technology firms and draw on resources within Mitsubishi UFJ including its securities and trust-banking units to develop financial products and services, the people said.