MUFG is Using Digital Currency to Reward its Employees

NEWS
Stan Higgins
Oct 19, 2016 at 18:46 UTC  |  Updated  Oct 19, 2016 at 21:42 UTC

Mitsubishi UFJ Financial Group (MUFG), the parent company of the Bank of Tokyo-Mitsubishi UFJ, has embarked on a new digital currency trial through one of its subsidiaries.

MUFG is conducting the test through a subsidiary called Kabu.com Securities Co, at which employees will be awarded a blockchain-based currency called "OOIRI" in return for maintaining good health. Details posted on the Kabu.com website indicate that the project involves representatives from both that firm as well as MUFG's innovation unit.

The OOIRI currency is said to be tied to the value of the yen and will available for spending at local businesses through an app called Z-Wallet, developed by an Israeli startup called Zerobillbank. Further, health data will be drawn in part through the use of geolocational software that is integrated in the wallet.

MUFG, primarily through the Bank of Tokyo-Mitsubishi UFJ, has pursued blockchain applications in the areas of financial management and digital cash. MUFG is also an investor in San Francisco-based digital asset exchange Coinbase.

If successful, the Bank of Tokyo-Mitsubishi UFJ will reportedly look to introduce a system similar to the OOIRI reward currency.

Image via Shutterstock

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