Transfer Money: Mufg and Japanese Banks

transfer money: The MUFG coins will, for example, enable users to easily split drinking bills using their smartphones and quickly transfer money at lower rates, according to The Japan Times. Users of the virtual currency will be able to open bank accounts called wallets on their smartphones. MUFG, Japan's biggest lender, will first issue MUFG coins to employees of its group companies for domestic remittances, eventually extending the service to attract younger tech-savvy customers, the sources said Tuesday. MUFG and other Japanese banks are trying to catch up with European and U.S. rivals in harnessing fintech, the combination of financial services and information technology. Last May, the government revised a law to regulate bitcoin and other virtual currencies to prevent their use in crimes such as terrorism and money laundering. MUFG's banking unit, Bank of Tokyo-Mitsubishi UFJ, formed a tie-up last year with Coinbase, the world's largest bitcoin exchange operator, while Mizuho Financial Group Inc. has started a virtual currency service on a trial basis. (news.financializer.com). As reported in the news.