Mitsubishi UFJ Financial Group Inc. announced that it is to adopt a cloud-based IT system in collaboration with Amazon. The bank could become the first Japanese bank to adopt Internet-based computing in its information technology system. The shift to cloud computing in association with Amazon.com as a provider is expected to save the bank around JPY 10 billion in costs over five years and accelerate the provision of services tied to financial technology.

The bank is initially planning to put market research and fintech functions on the cloud.