Mitsubishi UFJ Signs MoU with Brazil Bank for Ripple-Based International Payments

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Mitsubishi UFJ Signs MoU with Brazil Bank for Ripple-Based International Payments

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Japanese banking corporation Mitsubishi UFJ Financial Group (MUFJ) Inc has announced that it has struck a partnership with Brazilian bank Banco Bradesco for a new Ripple-based cross-border payments system.

According to an official press release from the Japanese bank, the new partnership will be based in Brazil itself with the local subsidiary of the bank Banco MUFJ Brasil involved in the partnership with Banco Bradesco.

MUFJ has recently invested a lot in cryptocurrency and blockchain-based systems, including being a party to a blockchain-based syndicated loan organized by Spanish bank BBVA. Now MUFJ has reiterated its confidence in the Ripple’s XRP cryptocurrency after joining its payments steering group back in March 2017.

According to the press release: “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.”

While Ripple has been criticized for its centralized approach and other issues, it is gaining traction for the last few months and has seen the price of XRP shoot up significantly from early year’s lows. Various other banks are also in talks with Ripple for adopting its token in cross-border payments systems but nothing concrete has yet been achieved.

Brazil, on the other hand, is seeing increased activity in the blockchain and cryptocurrency sector as the new president Jair Bolsanaro has announced support for the sector. While the financial regulators are running a tight ship when it comes to making regulations, so far, overreach has been largely avoided.

 

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