Ascend Money and MUFG Bank have made a joint investment of $195 million to drive digital finance growth in Thailand. The investment will help Ascend Money provide financial services for underserved consumers and SMEs, with a focus on innovation and inclusion.
BANGKOK, June 26, 2024 /PRNewswire/ — Ascend Money, Southeast Asia’s homegrown fintech company, and Mitsubishi UFJ Financial Group, Inc. (MUFG), have announced that MUFG’s consolidated subsidiary, MUFG Bank, Ltd., as a lead investor, together with the Finnoventure Private Equity Trust I fund managed by Krungsri Finnovate Co., Ltd. have made a combined investment of USD 195 million in Ascend Money Co, Ltd.
This strategic investment signifies a strong commitment from both organizations to drive the growth of digital finance in Thailand. By combining MUFG’s global financial footprint with Ascend Money’s deep local market knowledge and innovative digital financial solutions, the investment will help Ascend Money accelerate its plan to provide inclusive financial services for underserved consumers and SMEs, fostering equitable economic growth and financial well-being in Thailand.
Ascend Money, Southeast Asia’s leading fintech company and the fintech arm of Charoen Pokphand Group (C.P. Group), which is its major shareholder, became Thailand’s first fintech unicorn in 2021. Ascend Money, Thailand’s largest digital financial services provider, has a strong presence in 7 countries across Southeast Asia. Its TrueMoney platform offers a wide range of financial solutions, including e-payment, lending, BNPL, investment and insurance. With 30 million active users[1] in Thailand, it serves a broad customer base through an extensive network and strategic partnerships with leading corporations, businesses, and merchants in both online and offline landscapes. This robust ecosystem positions Ascend Money to capitalize on the growing trend of digital finance adoption in Thailand and the region.
Yasushi Itagaki, Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group at MUFG said “MUFG considers the Asia Pacific its second home market, and as part of our commitment to this region, we have been making strategic investments in leading digital finance players in the region. Ascend Money is a promising fintech player in Thailand with…
