Share this article
MUFG Plays Down Reports of Digital Currency Launch
Japan's MUFG Bank and Recruit Holdings were said to be launching a digital currency as part of a new payments venture. MUFG has now put that claim in doubt.
Updated May 9, 2023, 3:04 a.m. Published Dec 4, 2019, 10:32 a.m.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Update (10:40 UTC, Dec. 4, 2019): MUFG has issued a statement saying that while it has indeed agreed to enter a joint venture with Recruit, it has not made public the details.
Japan's MUFG Bank and Recruit Holdings are reportedly launching a digital currency as part of a new payments initiative.
The Japan News (a Yomiuri Shimbun outlet) said Wednesday it has learned that the two firms will initially target smartphone payments for general users before moving on to business-to-business payments.
MUFG and Recruit – a human resources giant that owns recruitment site Indeed and employer review site Glassdoor, among others – inked a deal to set up a joint venture for the project in October. MUFG is expected to own 49 percent of the new entity, with Recruit holding the remainder.
MUFG is part of the Mitsubishi Group and is the largest financial group in Japan, according to online sources.
Apparently aiming to launch in H1 2020, the two partners are now seeking licensing, including as a fund transfer service, in order to become a cashless payment business, The Japan News said.
The payment project is said to be targeting the firms' millions of customers, directly and via affiliated firms, with a smartphone app linking to users' bank accounts.
Among the services on offer, money transfers between users is likely to be part of the app's offerings, according to the report. Down the road, payments may widen to include B2B and payroll transactions.
MUFG is already working on a number of blockchain initiatives, including setting up a consortium to set standards for tokenized securities. It's also working on a trade finance project using R3's Corda blockchain and has invested in SEC-regulated Securitize and blockchain sleuthing firm Chainalysis.
Soon after the report was published, MUFG issued the following statement:
"Certain media outlets today published reports regarding establishment of a joint venture between MUFG Bank and Recruit Co., Ltd. These reports are not based on any announcement made by MUFG Bank. It is true that we have concluded the joint venture agreement for an establishment of a new company. No other decision has been made in this regard at this time."
Higit pang Para sa Iyo
Ano ang dapat malaman:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Turkey's Paribu Buys CoinMENA in $240M Deal, Expanding Into High-Growth Crypto Markets
With the acquisition, Paribu gains regulatory foothold in Bahrain and Dubai and access to the region's fast-growing crypto user base.
What to know:
- Paribu acquires Bahrain- and Dubai-based CoinMENA for up to $240 million.
- Deal marks Turkey’s biggest fintech acquisition and first international crypto M&A, the firm said.
- The move taps into the MENA region’s fast-growing crypto user base and supportive regulatory hubs.
Top Stories
