On Friday (9 November 2018), MFUG Bank, the principal banking unit of Mitsubishi UFJ Financial Group (MUFG), the world’s fifth largest bank (by total assets), announced the signing of a Memorandum of Understanding (MOU) with Banco Bradesco, one of the largest banks in Brazil, to collaborate on the development of a new cross-border payment service, using Ripple’s technology, between Japan and Brazil.
MUFG Bank is Japan’s largest bank. Its parent, MUFG, is headquartered in Tokyo, has over 360 years of history, and is one of the main companies of the Mitsubishi Group. As for Banco Bradesco, it was founded in 1943, and it is headquartered in the city of Osasco, in the metropolitan area of São Paulo.
Californian FinTech startup Ripple is one of the world’s leading specialists in the area of cross-border payments solutions. RippleNet, its global payment network, connects banks and payment providers in order to provide “one frictionless experience for sending and receiving money globally.”