TRUE Rises 3% amid Report on Japan’s MUFG Investment Strategy

On Wednesday at 10:53 AM (Bangkok time), the share price of True Corporation Public Company Limited (SET: TRUE) rose by 2.96% or THB 0.25 to THB 8.70, with a trading value of THB 245.21 million.

Nikkei Asia reported that Mitsubishi UFJ Financial Group (MUFG), one of the largest banking institutions in Japan, has made a strategic investment of $195 million (approximately THB 7 billion) in Ascend Money, which operates TrueMoney Wallet and is a joint venture between CP Group and TRUE.

The investment involves MUFG holding a 10% stake in Ascend Money and utilizing Bank of Ayudhya Public Company Limited (SET: BAY) to process the transaction, with MUFG also appointing a representative to the Board of Directors. The collaboration aims to facilitate technology and knowledge exchange, as well as explore opportunities for business cooperation with CP Group.

Having amassed over 40 million users, Ascend Money leverages its robust customer base to expand TrueMoney Wallet and aims to venture into the personal loan sector. MUFG is expected to enhance loan approval processes and internal organizational management by leveraging BAY’s expertise in car loans.

This investment aligns with MUFG’s broader strategy to establish a stronger presence in the fast-growing Southeast Asian region.