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DLT Labs, SBI Sumishin Net Bank to offer blockchain SCF

Monday 12 April 2021 13:58 CET | News

Canada-based blockchain startup DLT Labs has announced a deal with Japan-based SBI Sumishin Net Bank (SSNB) to offer a blockchain supply chain finance (SCF) solution in Japan.

SBI Sumishin Net Bank (SSNB) is a neobank joint venture between SBI Holdings and Sumitomo Mitsui Trust Bank. For the project with DLT Labs, some Japanese retailers and carriers have been invited to join the supply chain finance pilot in Japan, and the project is set to launch soon.

According to DLT Labs, it will be deploying an existing SCF solution. DLT Labs also offers a solution for Walmart, which was built on Hyperledger Fabric, but the company also uses Ethereum. In contrast, SBI Group has technology joint ventures with Ripple and enterprise blockchain firm R3.

The companies expect to reap benefits seen elsewhere in supply chain finance solutions, including enabling a lower cost of financing for suppliers. The partnership and project can provide a new source of income for banks by granting more credit both to the supplier and the large corporate adopting the solution.

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Keywords: DLT, partnership, blockchain, supply chain finance
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Japan
This article is part of category

Banking & Fintech