Mitsubishi UFJ Financial Group Inc. (MUFG) is bidding for a stake in Vietnamese fintech firm MoMo. Blackstone and CVC Capital Partners are also competing for the acquisition. The potential stake on offer reaches up to 50%.
The deal could value MoMo at more than $2 billion. Interested parties must submit binding bids by September.
MUFG intends to use the investment to expand its digital financial services footprint in Southeast Asia. MoMo has transitioned from a mobile payments platform into a comprehensive app offering consumer lending, insurance, and investments.