MUFG Bank has set up a system development and operations wing in India, with plans to develop it into a unit that supports the bank's business across the Asian and Oceanian regions and elsewhere.
MUFG Bank, a unit of Mitsubishi UFJ Financial Group Inc., established MUFG Enterprise Solutions India Pvt. Ltd. last Thursday. The head office is set to be located in the financial capital of Mumbai, according to a MUFG Bank statement, with a branch office in Bengaluru — known as India's Silicon Valley.
"The head and branch offices are expected to start operations in February to March," a Mitsubishi UFJ Financial Group spokeswoman said last Thursday, adding that a Japanese member of staff would lead some 20 local staff members.
By harnessing the digital workforce in India — the world's largest — the bank aims to build a more sustainable and efficient operational platform for its systems, the statement said.
With a capital of 312 million rupees ($4 million), MUFG Bank holds a 99.9 percent stake, while its system development arm Mitsubishi UFJ Information Technology Ltd. holds the remainder.
The Indian unit will initially conduct tests for the bank's banking and payment systems in the Asian and Oceanian regions, as well as developing and managing its workflow systems and other internal systems.