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MUFG to invest $195m in Thai mobile payment service under CP Group

TOKYO -- Mitsubishi UFJ Financial Group will invest $195 million in Thai mobile payments operator Ascend Money, which is affiliated with Thai retail and telecommunications conglomerate Charoen Pokphand (CP) Group, eyeing cooperation in personal finance.

The deal will involve MUFG's Thai subsidiary, the Bank of Ayudhya, which operates under the brand name Krungsri. MUFG Bank and Ayudhya's corporate venture capital arm will invest jointly in Ascend, taking a stake of around 10%.