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Wednesday, 31 May 2023, 11:20 HKT/SGT
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Source: Mitsubishi Corporation
Tokyo Kiraboshi FG and MC Sign Business Alliance Agreement

TOKYO, May 31, 2023 - (JCN Newswire) - Tokyo Kiraboshi Financial Group, Inc. (Kiraboshi FG) and Mitsubishi Corporation (MC) are pleased to announce our signing of a business alliance agreement, the details of which are outlined below.

Alliance Background and Objectives

Technological innovations and new regulatory environments are prompting more moves to integrate digital and traditional operations across a wide range of sectors, including retail, infrastructure and local government services. This is making it more and more important for non-financial entities to take advantage of embedded finance*, examples of which include the development of end-to-end systems that allow customers to handle everything from booking taxis and hotels to paying for the services through a single smartphone app. These days, the provision of such convenient and user-friendly services is playing a key role in business growth, and with consumers increasingly on the lookout for seamless and intuitive services, expectations are on the rise for businesses to leverage embedded finance and other creative tools to both design and build flexible services as affordably as possible.

By signing this agreement, Kiraboshi FG and MC are demonstrating our commitment to work with business partners who are keen to collaborate with us to enhance its own services. Kiraboshi FG boasts a wealth of know-how and services in the digital-finance sector, while MC counts a broad scope of practical business experience and networks among its many strengths. By combining our expertise, we intend to not only augment our existing services with embedded finance, but also provide an unmatched customer experience that effectively blends the best possible financial and non-financial services. Under the terms of our new agreement, we will work together to develop new joint businesses that focus on embedded finance.

In addition, our agreement covers support to promote digital transformations (DX), particularly those geared towards developing embedded-finance services at our respective subsidiaries and other entities with well-established regional customer bases. This should help our business partners to grow, and at the same time contribute to both quality-of-life improvements and economic vitality in those regions.

* Embedded Finance: The concept of integrating financial services or tools within the products of a non-financial organization. This can include things like payments, loans, money transfers and money management. Under the terms of the agreement between Kiraboshi FG and MC, an Embedded-finance Service is defined as any service provided by a non-financial organization to an end user that includes such financial services or tools.

Roles of Kiraboshi FG and MC

Kiraboshi FG: Kiraboshi FG will provide our alliance's partners with embedded-finance services by leveraging its highly flexible and functional digital financial services. These services will be primarily offered by Kiraboshi Tech, Inc. and UI Bank Co., Ltd., around which Kiraboshi FG's digital strategy is based.

MC: In addition to leveraging its business-management expertise to help design our alliance's highly intuitive embedded-finance services, MC will take advantage of its networks with the business community and local government bodies to stimulate growth at our alliance's business partners.

For moreinformation, visit www.mitsubishicorp.com/jp/en/pr/archive/2023/html/0000051374.html.


Topic: Press release summary
Source: Mitsubishi Corporation

Sectors: FinTech
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