SMBC completes Blockchain based finance trial
- 1 month ago
Sumitomo Mitsui Banking Corporation (SMBC), has completed a proof-of-concept (PoC) using blockchain consortium R3’s Marco Polo trade finance platform.
The second largest Japanese bank in assets and the only Japanese bank participating in Marco Polo, stated it joined fellow Japanese multinational Mitsui & Co. to improve efficiency in processing trades.
In a release by SMBC, it stated “The PoC was conducted between SMBC and Mitsui & Co. which aims to improve productivity in its trade operations, by testing modules such as Receivable Finance and Payment Commitment (Payment Undertaking).”
“SMBC expects to commercialize Marco Polo in the first half of the financial year 2019 after verification of the PoC.”
Launched in 2017, Marco Polo is a joint venture between R3 and Irish tech firm TradeIX targeting trade finance utility using distributed ledger technology.
Leveraging R3’s Corda technology, a total of 15 consortium member banks are currently participating in the Marco Polo consortium, including ING, NatWest and BNP Paribas.
In May last year, Thailand’s biggest bank, Bangkok Bank, also joined the initiative with an eye to streamlining trade finance.
Source: Smart Trend Team