Mitsubishi UFJ Financial has set up a unit to research and create new financial technologies , named the Innovation Unit , making it the first of its kind for a major Japanese bank . The unit will begin with 15 employees in Tokyo and Silicon Valley and will be launched on 8th January . To ensure the bank 's freedom from its banking activities , Mitsubishi UFJ will be setting up offices separated from its main operations and has employed a casual dress code to foster a start - up culture . investors are making moves to reduce the threat that start - up ventures may pose to the financial industry as well as capturing the growth potential they face . McKinsey & Co states that the number of financial - technology companies is " exploding " , with over 12,000 such firms as of August last year .
Mitsubishi UFJ Financial has set up a unit to research and create new financial technologies, named the Innovation Lab, making it the first of its kind for a major Japanese bank. The unit will begin with 15 employees in Tokyo and Silicon Valley and will be launched on 8th January. To ensure the unit's freedom from its banking activities, Mitsubishi UFJ will be setting up offices separated from its main operations and has employed a casual dress code to foster a start-up culture. Banks are making moves to counter the threat that start-up ventures may pose to the financial industry as well as capturing the growth potential they offer. McKinsey & Co states that the number of financial-technology companies is "exploding", with over 12,000 such firms as of August last year.