Worlds Fourth-Largest Bank, MUFG, to Roll Out A Digital Currency for Mobile Payments

Japan’s giant banking institution, Mitsubishi UFJ Financial Group Bank (MUFG) finally announces plans to launch its digital currency after releasing a conflicting report in December 2019. According to local news website, Mainichi, MUFG’s president, Hironori Kamezawa, confirmed the company will launch its own digital currency partnering with Recruit Group, which operates restaurant introduction sites including “Hot Pepper Gourmet”.

The partnership with Recruit Group was made back in December, raising the rumors (now confirmed) on the launch of a digital currency. The digital currency will be used across Recruit’s business ventures allowing users to instantly and cheaply transact across a possible 1 million stores spread across the globe.

According to Kamezawa, the launch of the digital currency comes in line with the current global pandemic which is discouraging the use of physical cash.

“There are various delays, but there may be a new coronavirus problem, so it may be just the right timing.”

A statement from Recruit Group shows its hopes of a successful partnership on MUFG’s digital currency launch. They aims a spread over multiple global stores targeting “young part-timers.” The statement further confirms the digital currency will be available to non- Recruit members stores. A spokesperson stated,

“We are thinking that it can be used openly by everyone.”

Notwithstanding, the company will also focus on digitizing the internal processes in a bid to increase profits and promote paperless work. While the company looks to expand its overseas territory, Kamezawa emphasized on getting the right product fit.

“We will move from the phase of expanding quantity through acquisitions to the phase of improving quality.”

MUFG Bank’s love for a digital currency started back in 2018 and in April 2019, the bank confirmed it will its digital coin allowing digital payments through smartphones. MUFG is the fifth largest bank in the world in value of assets terms.

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