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Mitsubishi UFJ Financial Group (MUFG) and its subsidiary MUFG Bank have signed a multi-year partnership with Sakana AI to integrate AI into the bank's operations.
The agreement, spanning more than three years, is part of MUFG's strategy to address management challenges.
The initial phase will focus on using Sakana AI's technology to automate complex internal and external document creation.
Eventually, the partnership will extend to incorporating AI solutions into the bank's enterprise systems and exploring their use in various business areas.
Sakana AI co-founder and COO Ren Ito has been named AI Advisor to MUFG.
His background includes experience in diplomacy and global business, having worked with Japan’s Ministry of Foreign Affairs and Mercari.
Ito's role will involve advising on AI strategy, supporting management with information and networking, and contributing to MUFG's AI initiatives.
Ren Ito stated: “We are very pleased to be able to directly connect the cutting-edge AI technology we have developed with MUFG Bank, a leading company in Japan, to solve their problems. We are very pleased to be working with MUFG to take on the meaningful challenge of transforming finance, a fundamental area of society, through AI.”
MUFG's Medium-term Business Plan, which started in April 2024, includes a commitment to improving AI and data infrastructure to facilitate data-driven management, productivity, and customer value.
This is part of the bank's "Accelerate Transformation & Innovation" pillar.
Mitsubishi UFJ Financial Group president & Group CEO Hironori Kamezawa said: “We are very pleased to announce that we have entered into a multi-year strategic technology partnership with Sakana AI and have retained Mr. Ren Ito as MUFG's AI advisor. The utilisation of AI is a cornerstone of MUFG's medium-term management plan, and through this partnership, we aim to further refine our AI strategy.”
"MUFG enters multiyear AI partnership with Sakana AI " was originally created and published by Retail Banker International, a GlobalData owned brand.
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