A business matching fair held in Bangkok by MUFG Bank in late November was the largest such event the Japanese megabank has hosted overseas. Shingo Sugime/The Yomiuri Shimbun via The Japan News/Asia News Network
BANGKOK — Japan’s three megabanks — MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corp. (SMBC) — are ramping up services for local companies and Japan-affiliated firms in Southeast Asia amid expectations economic activity in the region will get a shot in the arm from the abolition, in principle, of tariffs among members of the Association of Southeast Asian Nations this year.
The megabanks’ approach also reflects forecasts that the trend of businesses shifting factories from China to Asean members as a spillover effect of U.S.-China trade friction will accelerate.
On Wednesday, MUFG held a “business matching fair” that brought together corporate clients in Bangkok. There is strong appetite among the service sector as it expects expanding domestic demand due to the growth of Thailand’s middle class.
More than 200 firms, including ones from countries such as Thailand, Cambodia, Myanmar and Laos, and Japan-affiliated companies and businesses, participated in the fair, making it the largest such event the bank has held overseas.
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At the event, the bank introduced clients and brought them together.
“This business practice is exactly what would be expected in the Asia region, where face-to-face, direct business talks are considered so important,” said Makoto Kobayashi, a managing executive officer at the bank.
