On November 27, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) announced that it has launched “MUFG Fintech Accelerator”, an acceleration program for startup companies with outstanding business ideas and technologies to establish innovative financial services leveraging Information and Communication Technology (ICT). The accelerator program is Japan’s first program delivered by Japanese bank.

As development of ICT is rapidly changing the traditional financial industry, in response the agile environment, the Bank has been promoting the creation of new financial services with open innovation by various projects such as an open innovation business competition “Fintech Challenge 2015” which had being holding from March to June this year.

The MUFG Fintech Accelerator program aims to stimulate innovative new ideas to create new business with startups, without any limitations of traditional financial processes. The Bank intends to cooperate with other MUFG group companies into this program.

The program will accept application from December 18 to January 31, 2016, and the meet-up events will be held on December 18 and January 18. Paper-based 1st selection will take place in the middle of February, and applicants will take interview at the end of February. And after the selection, the program will start in the beginning of March.

(Source: The Bank of Tokyo-Mitsubishi UFJ)