US-based accelerator operator Plug and Play is partnering Mitsubishi UFJ Financial Group (MUFG) to launch a startup initiative in Tokyo, Japan, called Plug and Play Japan.
MUFG subsidiary Bank of Tokyo-Mitsubishi UFJ has been a Plug and Play partner since 2015 and will become the first corporate partner of Plug and Play Japan.
Japan will be the 10th country in which Plug and Play has set up an accelerator, and it currently has 33 Japan-based corporates including Hitachi, Nissan and Panasonic across its partner network.
The scheme will involve a range of themed, 12-week programs which will introduce local and global startups from a range of sectors to Japan-based companies to help test their technology.
Saburo Araki, group head of corporate banking business at MUFG, said: “We are honoured to be deeply involved in the establishment of Plug and Play Japan.
“I believe, for the development of startups, it is essential that we create a national level infrastructure, collaborating with government, academia and large corporations.”
Phillip Vincent, managing partner of Plug and Play Japan, added: “We see a significant untapped opportunity to create an ecosystem where innovators in Japan can collaborate and generate new solutions for Japanese corporations.
“By setting up shop in our Japanese partners’ backyard, we hope to bridge the gap between Silicon Valley culture, innovation and the Japanese industry”