- MUFG confirms confidence in Ripple’s cross-border solutions with a signed MoU.
- Ripple aims at displacing SWIFT in the global remittance service as it expands to both Asia and Brazil.
Ripple is making a grand entrance into the Asian market with its flagship product, RippleNet. The San Francisco-based blockchain company is currently signing more and more banks in both Asia and the Middle East. Ripple has intentions to take over remittance services from SWIFT. Besides, the CEO of the company, Brad Garlinghouse in an interview with Bloomberg told the industry that time for collaborating with SWIFT is long gone and that the company has the ability to take over the global market.
In line with this, Cointelegraph has reported today, Tuesday 13, that one of the largest banking service providers in Japan, Mitsubishi UFJ Financial Group, Inc. (MUFG) is preparing to integrate Ripple in its new cross-border funds transfer deigned for Brazil. The banking guru released details of the MoU signed between it and Ripple on November 9.
With support from a local partner in Brazil, Banco Bradesco MUFG will come up with various crypto products in collaboration with Banco MUFG Brasil, a local subsidiary of the bank. MUFG became part of Ripple in March this year and the signed MoU confirms its support for Ripple’s rapidly growing payment solutions. A section of the press release explains:
“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.”
Find the latest Ripple (XRP) news and price analysis here.
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