MUFG wanders over to ExaWizards for magical AI alliance
Mitsubishi UFJ Financial Group (MUFG)’s subsidiary Japan Digital Design (JDD) has formed an alliance with ExaWizards for artificial intelligence (AI) developments in the financial sector.
Through this alliance, JDD and ExaWizards plan to conduct development studies of online finance products and HR tech services that support personnel management in the industry.
MUFG says: “As Japan’s labour force declines and employees become increasingly international and diverse, the two companies will pursue development studies of services that offer AI-based support for personnel matters that are key to corporate competitiveness, such as skills development and hiring.”
It adds that the companies will develop HR tech services specialised for financial services using video and voice analysis technology. This includes features such as the use of video to allow AI to learn the tacit knowledge and “know-how of high performers and transfer it to all employees”.
The bank has also made an undisclosed investment in ExaWizards.
ExaWizards is a venture company that provides a range of AI services, such as educational services that promote AI, and the non-fintech implementation of “Humanitude”, a caregiving method designed for dementia patients.
There is plenty of other fintech activity in Japan.
In a separate development published today (27 March), Mizuho Financial Group, Mizuho Bank and IBM developed new AI technology for financial market forecasting.
Back in March, Nomura launched a joint research project on using quantum computing in asset management with Tohoku University in Sendai. To give you some background, Nomura has been working to harness AI in areas including asset management, trading and research.
Also, on a more general level, as reported in September 2017, banks and politicians in Japan revealed they were getting ever more energetic for fintech with grand plans for APIs, AI, digital currencies, blockchain, funding for start-ups and an easing of regulations.