Ripple, a San Francisco-based blockchain firm, has secured a new member of its Global Payments Steering Group (GPSG), adding MUFG’s banking arm, the Bank of Tokyo-Mitsubishi UFJ (BTMU).
BTMU is the third largest bank in the world and largest bank in Japan – its addition gives the GPSG its first Japanese banking member. BTMU joins the existing group of Bank of America Merrill Lynch, Santander, Standard Chartered, Westpac Banking Corporation, Royal Bank of Canada and CIBC. The GPSG helps oversee the maintenance and development of payment transaction rules and formalized standards for the commercial use of Ripple’s network.
For its part, the bank’s addition to the GPSG represents a further commitment to pursing fintech research and development, which has to date undertaken a number of initiatives designed to improve customer experience and contribute toward global expansion of financial services.
According to Brad Garlinghouse, Ripple’s CEO, in a statement on the addition: “We welcome MUFG, one of the largest and most advanced banks in the world, to the growing number of Ripple customers moving actual money across borders, instantly. While many others continue to play in the sandbox, we’re thrilled MUFG has joined us in our mission to revolutionize payments globally.”
“We are pleased to join Ripple’s Global Payments Steering Group. MUFG is working extensively in fintech to provide better services to our customers and society. Collaborating with other members of GPSG, MUFG will contribute to the creation of standards for Ripple’s network,” explained Hirofumi Aihara, General Manager, MUFG Digital Innovation Division.