On November 9, 2018, Mitsubishi UFG (MUFG) and Bradesco banks have signed a partnership to develop new cross-border payment services driven by utilizing Ripple’s cutting-edge technology.

The press release indicates that the new payment system developed by Ripple, a San Francisco-based software vendor will assist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil.

.@Bradesco and @btmu_official are leveraging Ripple’s #blockchain technology to create a new cross-border payment service between Japan and Brazil. https://t.co/Q9c4TSkRr0 — Ripple (@Ripple) November 9, 2018

The Japanese giant’s expansion will create an opportunity to deepen it’s business in Latin America where the company is already fully functioning in such countries like Argentina, Bermuda, Brazil, Cayman Islands, Chile, Colombia, Mexico, Peru, and Venezuela.

One of the World’s Leading Financial Group

MUFG Bank’s parent, Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with over 1,800 locations in more than 50 countries. The Group has over 150,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.

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