One of the leading financial groups of Japan, Mitsubishi UFJ Financial Group Inc. is planning to roll out their own digital currency and put it into work in daily uses by the end of the year 2019, as announced by President Kanetsugu Mike. Group’s native cryptocurrency is called ‘coin’ that according to Mike, will help the company to compete in the new era of cashless payment and develop business-friendly payment infrastructure.
Recently, JP Morgan Chase, one of the world’s largest investment banks has also announced to launch their own digital currency followed by the six international banks that partnered with IBM to launch their own digital currencies. The sole purpose of issuing the digital currency is to promote the cashless payments, make the cross-border transactions cost-effective and create transparent and secure payment infrastructure. Now, Japan’s largest banking group is also getting ready to issue their own stable coin. With their in-house cryptocurrency ‘Coin’, Mitsubishi UFJ Financial Group Inc. isn’t only approaching the above milestones but also trying to connect economic blocs which are spread across different domains of businesses.
With ‘coin’, the banking giant of Japan is planning to align the enterprises of various industries by issuing them ‘coin’ which can later be used as their own currencies and labeling them with their own respective corporate names. In a recent interview, Mike said that “If businesses in different sectors use the currency, Mitsubishi UFJ ‘will be able to connect economic blocs,’ including customer bases of such firms.”
Making his company stand out of the crowd from the peers of the same domain, Mike said that his company is creating payment infrastructure that will not only help the group to stand still in the era of cashless payment as competition is intensifying but also encourage the companies to become part of this payment infrastructure. In addition to its unique functionality as a bank-backed digital currency, Mitsubishi UFJ is planning to launch the mobile application that will enable the users to manage their card details, loyalty rewards and perform a variety of other managerial functions centralized manner. The smartphone app is expected to be launched by the end of June 2019.
Focusing on Mitsubishi UFJ’s changing corporate culture Kanetsugu said: “We aim to build an organization that is relied on and trusted globally, and represents innovation.”