Japan’s 3rd largest bank completes blockchain trade finance test

posted 28 days ago
Japan’s 3rd largest bank (by assets), SMBC), is set to begin utilizing R3’s Marco Polo trade finance blockchain on a commercial basis by the end of the year. The bank said a cross-border proof-of-concept test was successfully completed involving Mitsui & Co, a Japanese general trading company, Indorama Ventures, a Thai company in the intermediate petrochemicals business, and Bangkok Bank, Thailand’s 3rd largest bank.

The platform allows for participants to update purchase orders, invoices, logistics information, shipping schedules and port information, while auto-matching leads to highly-efficient data reconciliation. Currently, the trade financing process remains to be manual and paper-based and is seen as highly inefficient.
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