Mitsubishi UFJ Financial Group plans to bid for Japanese robo-advisory firm WealthNavi as it seeks to expand its fintech capabilities and meet the needs of households going online to invest a larger share of their savings.

Japan’s largest bank will discuss the issue at a management meeting on Friday, it said in a statement, adding that no decision had been made. The Nikkei newspaper earlier reported that MUFG was considering launching a takeover bid.

MUFG took a 15% stake in WealthNavi earlier this year. The Tokyo-based fintech company, listed in 2020, has a market capitalization of 62.8 billion yen ($416 million). Separately, WealthNavi said it would discuss the matter at a board meeting on Friday.

Japanese financial firms are expanding services to help households invest more of their $7.5 trillion in cash as inflation emerges in Asia’s second-largest economy. More people have opened so-called NISA accounts following the expansion of the country’s tax-free investment program this year, helping to fuel the stock market rally.

The acquisition of WealthNavi would strengthen MUFG’s prospects of “creating a more comprehensive financial super-app,” Koichi Niwa, an analyst at Citigroup in Tokyo, wrote in a note. It would also help WealthNavi provide a full range of financial services on its platform, he said. added.

Founded by CEO Kazuhisa Shibayama in 2015, WealthNavi provides online wealth management services, including automated cash transfers to investment products. It managed 1.34 trillion yen as of October 31, according to a results presentation. It expects an operating profit of 531 million yen this year.

Shares of WealthNavi were not trading and were expected to rise Friday morning in Tokyo. The stock has fallen 46% this year. MUFG gained 0.5%, bringing this year’s increase to 47%.

Japan’s robo-advice market is expected to reach 3 trillion yen this fiscal year and is expected to reach around 12 trillion yen by 2030, according to Yano Research Institute.