Mitsubishi UFJ Financial Group, a Japanese bank holding, and financial service company claimed that it will utilize ripple to make a new cross-border payment service to Brazil.
MUFG showed a growing interest in cryptocurrency products and it will collaborate with Brazil Banco Bradesco to make the platform through its local subsidiary banco MUFG Brasil.
After the memorandum had been signed by the two organizations, MUFG claimed it believes in ripple’s technology after being part of its global payment steering group last year.
The press release states that: “The new payment system […] will assist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil.”
The release also included that MUFG and Bradesco had worked before on activities since the 1970s but they didn’t add the period when the ripple product should be launched.
Japan has pushed up its consumer-oriented payment services overall this year since labor shortage sees migrant worker opportunities soar.
A few months ago, a different initiative that includes Philippines’ RIZAL COMMERCIAL Banking Corp sought to try out blockchain remittances using technology by IBM.
On the other hand, Ripple is presently the subject of various remittance schemes by banks in Japan and other places.