The major Japanese financial group and the world top-5 bank in terms of assets – Mitsubishi UFJ Financial Group (MUFG) – announced the launch of a blockchain-based payment network in 2020.
According to the official announcement, MUFG has entered into a partnership with Akamai Technologies, a credible US cloud delivery platform, in order to develop a new service. The network start-up is slated for the first half of 2020.
The new platform called Global Open Network will be able to process more than one million transactions per second, as the MUFG spokesperson noted. The companies are also planning to power it by the Internet of Things (IoT) and Akamai’s cloud platform.
"We will strive to support diverse payment schemes that take IoT into account, to expand our payment network business globally and to further enhance our services," as the company stated in the press release.
The original capital will amount to some JPY 250 million (about $2.26 million), while the stake will be divided as follows: MUFG will receive 80% and Akamai – 20%.
Plans to launch such a network were already voiced in May last year. Akamai reported that the platform will support a range of services, like payment processing, pay-per-use, micropayments, etc.
It should be mentioned that this is not the first time when MUFG expresses interest in the blockchain. Last November the company signed an agreement with Spain’s BBVA and France’s BNP Paribas to take part in a test project designed to pass a $150 million syndicated loan to the blockchain. In December 2017, it developed a project that might boost cross-border trading in cooperation with NTT.