Ascend Money, a financial business group under the Ascend Group that developed TrueMoney, has announced a $195 million investment (approximately 7,000 million baht) led by the financial group from Japan, Mitsubishi UFJ Financial Group (MUFG), along with investments from the Finnoventure Private Equity Trust I fund managed by Krungsri Finnoventure, the investment arm of Krungsri Bank.
Ascend Money stated that this investment will be used to further enhance various financial services for individual customers and SME businesses in Thailand, as well as bolster the advancement of digital finance in the country. With MUFG’s expertise in global financial business and Ascend Money’s understanding of the Thai market, this collaboration aims to drive the digital financial landscape forward in Thailand.
Currently, TrueMoney services by Ascend Money have more than 30 million users.
Source: Ascend Group
TLDR: Ascend Money secures a $195 million investment led by MUFG to enhance financial services for customers and SMEs in Thailand, aiming to advance digital finance in the country.
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