Mitsubishi UFJ Financial Group Inc. is said to be considering a bid for WealthNavi Inc., a robo-advisory firm in Japan, as part of its strategy to strengthen its financial technology capabilities.

The largest bank in Japan will discuss this potential acquisition during an upcoming management meeting, according to an official statement.

The Nikkei newspaper has suggested that MUFG may be preparing to launch a tender offer for WealthNavi, although no final decision has been made at this time.

This move reflects the increasing interest among traditional financial institutions in expanding their digital service offerings in the competitive financial landscape.