Japan's Mitsubishi UFJ Financial Group is set to launch a stand alone fintech to collaborate with regional banks.
Mitsubishi UFJ Financial Group (MUFG) will launch a fintech unit on October 1 to collaborate with 32 regional banks across Japan.
The new firm, will be known as «Japan Digital Design,» and will start with capital of 3 billion yen, put up in full by Mitsubishi UFJ, and partner regional banks.
By recruiting external engineers and collaborating with regional financial institutions, MUFG hopes Japan Digital Design will further promote the development of innovative user experiences and initiatives.
Virtual Currency Trials
Earlier this year the bank started experimenting with an original virtual currency. Named «MUFG coin» it was initially issued only for its employees, but the bank aims to expand its use to customers within 2017.
Under the experimental scheme, employees have been able to make domestic remittances around the clock for free and use the currency to pay at an in-house cafeteria by having their smartphone scanned.
