Mitsubishi UFJ Financial Group Inc. appointed Shinji Tokunaga as CEO of Global Open Network Japan Inc., the Japanese megabank's high-speed payments joint venture with U.S. tech giant Akamai Technologies Inc., The Nikkei reported Aug. 1.

Tokunaga has served as a top executive at Akamai's Japan unit, Akamai Japan K.K.. Mitsubishi UFJ is reportedly aiming to launch its high-speed settlement platform in the first half of 2020 amid rising competition in the online payment services sector.