International

Mitsubishi UFJ To Test Virtual Currency Rewards For Employees

Mitsubishi UFJ announced Friday (Oct. 21) that it is testing the use of virtual currency rewards for employees who reduce their overtime hours and practice a healthy lifestyle.

In a press release, the company said the trial, which is being run by MUFJ subsidiary Kabu.com securities, uses mobile geolocation technology to monitor employees as they check in and out of the office and on their journey to work.

The company is using technology from Israeli outfit Zerobillbank to track employee movements and automatically dish out “Ooiri” currency rewards for good behavior. The currency is pegged to the yen and is available for conversion at local shops using Zerobillbank’s Z-Wallet. The wallet also offers P2P currency transfers, which staff can send to their coworkers as “thank you” rewards.

In July, reports emerged that Bank of Tokyo-Mitsubishi UFJ was looking to go beyond bitcoin to innovate its FinTech side. The bank is reviewing its own digital currency option that uses the same underlining technology. A local newspaper reported that the bank would issue virtual currency next year, but the bank has since come out and said it has not made any official decisions. The bank didn’t deny that it’s making its own digital currency but did note there was no formal announcement. “Regarding the speculation [in] media reports, these reports are not based on any announcement by MUFG, and the details have not been decided,” the bank’s spokesman said in an emailed statement to Reuters. “However, we can only say that it’s true that MUFG is conducting demonstration experiments on the ‘Coin’ within the company, utilizing a blockchain technology.”

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