INTERVIEW: Mitsubishi UFJ to Issue Original Digital Currency by Year-End

Economy

Tokyo, April 9 (Jiji Press)--Mitsubishi UFJ Financial Group Inc. <8306> plans to put its original digital currency into practical use by the end of this year, its president, Kanetsugu Mike, has indicated.

The major Japanese banking group hopes to enable other enterprises, such as retail stores, to use the digital currency, called coin, as their own currencies bearing their corporate names.

If businesses in different sectors use the currency, Mitsubishi UFJ "will be able to connect economic blocs," including customer bases, of such firms, Mike said in a recent interview.

With competition for cashless payments intensifying, as seen in moves to issue new digital currencies, Mike voiced confidence in differentiating his company from others by providing a payment infrastructure that will enable many companies to participate.

Mike also revealed that Mitsubishi UFJ plans to introduce a smartphone app that will centrally manage credit cards, reward point services and other functions, by the end of June.

[Copyright The Jiji Press, Ltd.]

Jiji Press