Mitsubishi UFJ Financial Group will set up an online bank in fiscal 2026, which ends in March 2027, it was learned Wednesday.
Amid intensifying competition in the banking sector for taking deposits as lending resources following the return of "a world with interest rates," the major Japanese financial group aims to lure younger customers heavily relying on smartphones, people familiar with the matter said.
The envisaged branchless bank will use Google's cloud platform to curb costs to pit itself against existing online banks that offer lower transfer fees and higher deposit rates than conventional banks. It is also projected to provide services jointly developed with the group's robot asset investment advisor WealthNavi.
Mitsubishi UFJ is expected to announce the online banking plan by the end of the month, the sources added.
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