Ascend Money and MUFG announced MUFG's consolidated subsidiary MUFG Bank Ltd as the lead investor, together with the Finnoventure Private Equity Trust I Fund, managed by Krungsri Finnovate Co Ltd, have made a combined investment of $195 million in Ascend Money. Suphachai Chearavanont, founder and chairman of the board of Ascend Money, said he was delighted to welcome MUFG's joint investment in Ascend Money alongside existing investors CP Group, Ant Group and Bow Wave Capital Management. Tanyapong Thamavaranukupt, co-president of Ascend Money, told the Bangkok Post that Ascend Money would strategically allocate the new funding to enhance and expand its existing suite of inclusive financial products and services. Additionally, MUFG's experience in serving diverse markets would be invaluable as Ascend Money continued to innovate and develop new financial solutions, he noted. Mr Tanyapong added that Ascend Money remains committed to and will continue its partnerships with existing partners such as banks and financial institutions.

Source: Bangkok Post June 27, 2024 13:18 UTC