Japanese banking and financial group Mitsubishi UFJ Financial Group (MUFG) has officially announced plans to launch a new payment network based on blockchain technology.

According to a press release, the fifth Bank in the world working on the project together with the American company Akamai is a service provider for accelerating websites and service provider platforms deliver content and applications.

Payment network Global Open Network will be launched in the first half of 2020, to ensure that the partners created the joint venture, 80% owned MUFG and 20% for Akamai.

The company aims to use of financial MUFG business and Akamai technologies to create a new payment network in Japan based on blockchain technology, capable of processing over one million transactions per second.

Earlier, MUFG and the other two largest banking group in Japan — Mizuho and Sumitomo — closed joint-project to create a blockchain payment system in favor of developing their own cryptocurrency. In particular, Mitsubishi UFJ develops stablon Coin MUFG and Mizuho is preparing to launch a token J-Coin.