NTT Docomo Inc. and MUFG Bank plan to forge a business tie-up to offer financial services via smartphone, company sources said Saturday.

Combined photo shows logos of NTT Docomo Inc. (bottom) and MUFG Bank. (Kyodo)

The two Japanese firms are aiming to reach an agreement by the end of March, the sources said. The partnership would allow NTT Docomo subscribers to obtain a mortgage and other financial products via their phone.

NTT Docomo has been seeking to expand its services to make up for a possible decline in profits following pressure from the government of Prime Minister Yoshihide Suga for mobile carriers to lower their charges.

NTT Docomo and MUFG Bank, a unit of Mitsubishi UFJ Financial Group Inc., are also considering setting up a joint venture that would offer a wide range of financial products and services such as banking, securities and insurance, the sources said.

In a similar move, SoftBank Corp. and Mizuho Financial Group Inc. announced in June they would partner up on financial services via smartphones.

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