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Japan’s Largest Bank Invests Over $700 Million in Grab

  • MUFG gains access to millions of users in Southeast Asia
  • Grab is trying to build a regional super-app like WeChat
Updated on

Japan’s Mitsubishi UFJ Financial Group Inc. is investing more than $700 million in Southeast Asian ride-hailing giant Grab, gaining access to millions across the region that use the mobile app to book cars and meals.

The Japanese financial institution intends to market a range of financial services from insurance to loans to Grab’s users, said a person familiar with the deal who was not authorized to discuss the matter publicly.