MUFG Bets on High Interest, Low Fees in New Online Bank

TOKYO, May 07 (News On Japan) - Mitsubishi UFJ Financial Group plans to establish a new online-only bank by the end of the next fiscal year, aiming to attract younger customers in an environment where interest-bearing deposits are gaining renewed importance.

The new digital bank will operate entirely via smartphone, without physical branches, allowing for reduced operational costs. In exchange, it will offer higher interest rates on deposits and lower fees for transfers.

The system infrastructure will be built on Google’s cloud platform, with MUFG investing several tens of billions of yen in development.

By joining the interest rate competition among internet banks, MUFG hopes to secure a greater share of the younger demographic who are increasingly drawn to mobile-first, high-yield financial services.

Source: TBS

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