News

SMBC completes blockchain trade finance test

Tuesday 22 October 2019 10:55 CET | News

Japan-based Sumitomo Mitsui Banking Corporation {SMBC) is set to begin utilising R3’s Marco Polo trade finance blockchain on a commercial basis by the end of 2019.

Bank representatives have stated that 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 third-largest bank.

In the course of the exercise, Bangkok Bank issued a payment guarantee for Indorama Ventures to Mitsui & Co. Based on that guarantee, SMBC would have been able to undertake receivable financing in a real-world setting.

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, according to the statement.


More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Sumitomo Mitsui Banking Corporation, SMBC, Japan, trade finance pilot, Asia, APAC, Mitsui & Co, Bangkok Bank, R3, Marco Polo, trade finance network, blockchain
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Japan
This article is part of category

Banking & Fintech