Japan's MUFG to launch a new blockchain payment system

Mitsubishi UFJ Financial Group, Inc. (MUFG) and Akamai Technologies, Inc. (“Akamai”) announced today that they have agreed to strengthen their strategic alliance towards the full-scale launch of a new payment network business and establishment of a joint venture, Global Open Network, Inc.

The new company will utilize MUFG’s presence in the payment business and Akamai’s intelligent edge platform, which offers world-class speed and security, with the aim of providing an open payment network in Japan based on new blockchain technology by the first half of 2020. 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.