Japan’s Mitsubishi UFJ Financial Group, the fifth largest bank in the world, plans on launching a new blockchain-based payment system. The company announced the news in a press release on February 12 press release, saying that the platform will be named the “Global Open Network.”
The bank will reportedly be partnering with the United States content delivery network Akami to work on the project, which is scheduled to launch in the first half of 2020. The platform will utilize the payment industry to reach the Mitsubishi UFJ Financial Group has to establish itself as a top player in the competitive blockchain market.
Akamai and Mitsubishi UFJ Financial Group first announced their partnership back in May 2018, when they issued an outline of the future project. The launch date had been set for the start of the 2019 fiscal year but has not been realized.
This is not the only blockchain-based project MUFG has embarked on. In November 2018, the bank announced an initiative to use Ripple (XRP) to create a new cross-border payments service to Brazil.