Latest news with #RenIto
Yahoo
20-05-2025
- Business
- Yahoo
MUFG enters multiyear AI partnership with Sakana AI
Mitsubishi UFJ Financial Group (MUFG) and its subsidiary MUFG Bank have signed a multi-year partnership with Sakana AI to integrate AI into the bank's operations. The agreement, spanning more than three years, is part of MUFG's strategy to address management challenges and enhance value added services. The initial phase will focus on using Sakana AI's technology to automate complex internal and external document creation. Eventually, the partnership will extend to incorporating AI solutions into the bank's enterprise systems and exploring their use in various business areas. Sakana AI co-founder and COO Ren Ito retained as AI Advisor for MUFG. His background includes experience in diplomacy and global business, having worked with Japan's Ministry of Foreign Affairs and Mercari. Ito's role will involve advising on AI strategy, supporting management with information and networking, and contributing to MUFG's AI initiatives. Ren Ito stated: 'We are very pleased to be able to directly connect the cutting-edge AI technology we have developed with MUFG Bank, a leading company in Japan, to solve their problems. We are very pleased to be working with MUFG to take on the meaningful challenge of transforming finance, a fundamental area of society, through AI.' MUFG's Medium-term Business Plan, starting in April 2024, includes a commitment to improving AI and data infrastructure to facilitate data-driven management, productivity, and customer value. This is part of the bank's "Accelerate Transformation & Innovation" pillar. Mitsubishi UFJ Financial Group president & Group CEO Hironori Kamezawa said: 'We are very pleased to announce that we have entered into a multi-year strategic technology partnership with Sakana AI and have retained Mr. Ren Ito as MUFG's AI advisor. The utilization of AI is a cornerstone of MUFG's medium-term management plan, and through this partnership, we aim to further refine our AI strategy.' Sakana AI has been engaging with Japanese financial institutions to tailor AI solutions to the finance sector's specific needs, with development commencing this year. "MUFG enters multiyear AI partnership with Sakana AI " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Japan Times
19-05-2025
- Business
- Japan Times
Sakana AI and MUFG sign agreement to automate creation of banking documents
Sakana AI has signed a ¥5 billion ($34 million) deal with Mitsubishi UFJ (MUFG) to automate the creation of banking documents, including credit approval memos, the companies announced Monday. 'We are very happy to take on the meaningful challenge of revolutionizing banking — a core domain of society — with MUFG,' said Ren Ito, the Japanese artificial intelligence startup's cofounder and chief operating officer. A six-month pilot phase begins in July, when MUFG's banking subsidiary will start generating documents using Sakana AI's The AI Scientist, "a fully AI-driven system" that was originally designed for automating scientific discovery, including manuscript writing and peer review. Ito, who has been retained under the terms of the agreement as AI adviser to MUFG Bank, will provide advice on AI implementation strategies for the duration of the deal, which will last 'more than three years', according to a press statement from both companies. Tokyo-based Sakana AI spent six months tailoring its systems to meet the needs of Japan's financial institutions. 'We are paying attention to the finance industry as an area poised for generating significant value with the use of AI,' the company said in the press release. Large language models and AI agents alone do not have much value as commodities, Ito said. ChatGPT is useful, he added, but much more can and needs to be done. 'We decided to make a turnkey solution for banks,' he said. Looking ahead, Ito said that the partnership faces some challenges, such as figuring out what lies beyond increased efficiency and productivity. He said that the banking subsidiary of MUFG will be able to write credit memos more quickly with the technology provided by Sakana AI, but lending decisions are another matter altogether. 'As for who it can loan money to, that's a question beyond efficiency and beyond productivity,' said Ito. Sakana AI, founded by CEO David Ha in 2023, became the fastest unlisted startup in Japan to achieve a valuation of $1 billion. It has raised about ¥30 billion from a range of investors, including MUFG Bank, Sumitomo Mitsui Banking, Mizuho Financial Group and Nvidia. MUFG's medium-term business plan, which was published in April 2024, prioritizes the use of AI and the improvement of data infrastructure. MUFG Bank, which is a consolidated subsidiary of the financial group of the same name, is the largest bank in Japan by assets.
