In order to accelerate its digitalisation efforts to cut costs and fend off emerging fintech rivals, Mitsubishi UFJ Financial Group (MUFG) has made a change in its top order. It’s only a year in the job, Mitsubishi UFJ Financial Group CEO Kanetsugu Mike has been replaced by the Japanese giant's Digital Chief Hironori Kamezawa.
A graduate in Mathematics from University of Tokyo Kamezawa has been leading a technology overhaul and overseeing innovation efforts such as the MUFG digital coin.
Speaking at a news conference, Kamezawa told reporters, "The business environment surrounding the financial industry has changed a lot with the entry of other types of firms into the sector."
He adds, "Large overseas banks have similar anxiety over digitalisation. The biggest task is how we strike a balance between ensuring security and convenience."
Kamezawa takes on the new role in April, with Mike remaining Head of MUFG Bank and becoming the group's Deputy Chairman.
