Mitsubishi UFJ Morgan Stanley Securities (MUMSS) has deployed the wealth management platform from fintech InvestCloud.

Financial advisers in the private banking arm of MUMSS will use the InvestCloud platform to expand its client base of Japanese HNWIs.

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In addition, the platform will enable financial advisers to enhance digitalisation in client relationship processes.

Furthermore, the deal is the result of significant investment from InvestCloud in Japanese operations. The fintech has adapted its multi-jurisdiction platform to accommodate local requirements including Japanese language, calendar, and regulations.  It has also expanded its Tokyo office, moved to larger premises, and expanded its local team of IT and wealth management professionals.

Christine Ciriani, CEO of private banking at InvestCloud, said: “We are enormously proud and excited to be working with MUMSS. Japanese high-net-worth sector customers place tremendous value in their relationships with their service provider, and we have made significant investment in our technology and workforce in Japan so that local wealth managers can meet and exceed these expectations.”

Haruka Homma, country manager, Japan, at InvestCloud, added: “The Japanese high-net-worth sector is undergoing a long-awaited transition. A large number of high-net-worth customers have been waiting for advisors who are able to provide more customer-centric advice such as goal-based wealth planning. In that sense, this project can be said to be an important milestone for a major transformation of not only the MUMSS business, but also the wealth management business in Japan. We look forward to supporting MUMSS as it evolves its business to serve this diversifying market of investors.”

MUMSS is the wealth management, global markets, and investment banking arm of Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank.

The world’s sixty largest banks have invested $60trn into fossil fuels since the Paris Agreement five years ago. In addition, fossil fuel financing was found to be higher in 2020 than in 2016. MUFG was rated poorly as the worst in Japan.