Tom Leighton, CEO, Akamai

Mitsubishi UFJ Financial Group and Akamai Technologies Inc have announced the establishment of their joint venture Global Open Network, Inc. (GO-NET) as well as their plans to offer a new blockchain-based online payment network enabling next-generation transaction security, scale and responsiveness.

GO-NET, formed after three years of collaboration between its investors Akamai Technologies and MUFG,  is expected to make the new network payment available by the first half of 2020. The new network plans to include support for existing payment processing functions, pay-per-use, micropayments and other developing IoT-enabled payment transactions.

Akamai’s solutions i.e. Cloud Security and Intelligent Edge Platform, will be used to power and support its online payment platform

“This joint venture with MUFG sets the stage for a new blockchain-based online payment system that can better serve customers’ and partners’ payment processing needs,” said Dr. Tom Leighton, CEO and co-founder of Akamai. “The collaboration between MUFG and Akamai over the last three years has demonstrated what is possible when industry leaders join forces to solve a challenging problem. Akamai and MUFG are committed to delivering innovative solutions at a level of security, scale and responsiveness never before achieved.”

“Financial services need to embrace digital innovation to meet greater demands for security, capacity, and efficiencies, and to serve the evolving market and consumer needs,” said Hironori Kamezawa, Group CDTO of MUFG and CEO of GO-NET. “MUFG has high expectations for our joint venture with Akamai. Our goal is to enable rapid innovation in digital payment services, leveraging a transformative platform, with built-in security, hyper-scale, and efficiencies. GO-NET aims to expand the payment network business to a global scale, and enhance the services to support diverse payment ideas in the upcoming IoT era.”

Tokyo based MUFG is a financial services group with a  global network in more than 50 countries. It offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. Recently, the group has set up a venture capital fund to the tune of $185 million to channel strategic investments in fintech startups in Japan, Southeast Asia and the US.

Founded in 1998, Akamai delivers digital experience with edge security, web and mobile performance, enterprise access and video delivery solutions included in his profile.

 

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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