Mitsubishi UFJ Financial Group (TYO:8306) is expanding its transaction banking business in Asia through hiring and new money transfer services to catch up with global rivals, Bloomberg reported Thursday.

The lender is strengthening its presence in regional markets while trailing JPMorgan Chase and HSBC Holdings (HKG:0005), according to the report.

MUFG plans to roll out domestic transfer services in Thailand, Indonesia, the Philippines and Vietnam, enabling clients to access local payment networks without opening accounts at local banks, the report said.

The bank is targeting higher local currency deposits from multinational clients as it aims to improve its position in Asia's transaction banking market, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)