The fifth-largest bank in the world in terms of assets, Mitsubishi UFJ Financial Group, has commended Ripple’s cheap and fast transactions between Mitsubishi’s branches.
The relationship between Ripple and Mitsubishi UFJ has been prospering since March 2017. Thus, Ripple being appreciated by a bank that has total assets of over $25 Billion and a capital base larger than JPMorgan Chase is excellent news for the third-ranked cryptocurrency.
A representative of Mitsubishi UFJ spoke about Ripple’s technology in a conference.
Diep was quoted saying,
“Today, for many of us, we may have to go through SWIFT and encounter charges; many intermediary banks are part of that, and typically an SLA for fund transfer or movement is between one and three days. Using technology such as Ripple, we can get that done to something like 30 seconds, which is significantly different and at a cheaper cost as well in terms of moving money between our branches, between our different countries within our network. That’s really important to us.”
Ripple Enthusiast, Steven Diep posted the video of the excerpt.
— Steven Diep (@DiepSanh) September 3, 2018
Krungsri bank, which is three quarters owned by Mitsubishi UFG has seen’s Ripple use case and implementation in the best manner possible. In September last year, an achievement was made thanks to Ripple helping the payment processing with a major petrochemical company. While in May, Krungsri successfully pilot tested funds being transferred using Ripple technology between Mitsubishi UFG bank and Standard Chartered between Bangkok and Singapore.
Reddit user ‘Ripple578’ who seems to be a Ripple enthusiast picked up on one of the statements in the video by the Mitsubishi UFJ representative.
“So good to hear this type of great news and feedback from the corporations themselves. Love the swift comparison comment as well. He stated they’re using Ripple but also testing others, wonder who these “others” are?”
Reddit user ‘DoubleEko’ responded to this comment by stating-
“MUFG coin for one ;o)
Regarding competition- I am really not sure what spooks many. Competition is healthy and many competing varients CAN exist in the same market. Ripple will never get the entire market just like SWIFT aren’t in control of the entire global remittances market. Its just how it is :o)”
As per a featured article on Mitsubishi UFJ’s Website, there is a reference to MUFG Coin-
“In fact the group is now even actively exploring other potential uses including a project known as the ‘MUFG Coin’; where blockchain technology could be applied for a variety of everyday financial needs, such as withdrawals and deposits to transactions and payments. Potentially this coin could have large-scale commercial potential, as well serving small-scale retail bank customers. Other than MUFG Coin, MUFG is testing another untitled digital currency rewards for employees who reduce their overtime hours and practice a healthy lifestyle, which resonates strongly to the work style reform of Abenomics.”
A standing ovation to Ripple for raising the confidence amongst banks with the cryptocurrency culture!