Japan's Mitsubishi UFJ Financial Group (MUFG) announced that its banking unit will be investing USD200m in Indonesian fintech company Silvrr Technology, also known as Akulaku. Akulaku, which is backed by China’s Alibaba Group, offers digital banking and other services that include buy now, pay later. The investment from MUFG will provide additional support for Akulaku's projected growth as it advances towards its mission of providing banking services across Southeast Asia with an emphasis on reaching underserved customers and markets. The fintech company's future growth plans align with MUFG’s, while a joint expansion into new territories, markets, and products is set to accelerate in 2023.
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