Japan’s third largest bank Sumitomo Mitsui Banking Corporation (SMBC) plans to begin using the Marco Polo blockchain platform for trade finance by the end of this year.
The bank said that international testing of the proof of concept with the participation of the Japanese trading company Mitsui & Co, the Thai firm Indorama Ventures and the third largest bank in Thailand, Bangkok Bank was successfully completed.
During testing, Bangkok Bank provided Mitsui & Co with a payment guarantee for Indorama Ventures. Based on this guarantee, SMBC could receive real financing for receivables.
The platform will allow participants to update purchase orders, invoices, logistics information, shipping schedules, and port information, while automatic matching will result in highly efficient reconciliation of data.
Earlier this year, SMBC, with the participation of Mitsui & Co, conducted similar proof-of-concept testing. The bank provided very little information about the pilot project in February, but announced that it plans to commercialize Marco Polo by the third quarter of this year.
SMBC said it would engage in trade finance on the Marco Polo blockchain platform back in April. In May, Banco Bradesco and Raiffeisen Bank joined Marco Polo, and in August the first real transactions were conducted on the platform.
In addition, the first transaction between Russia and Germany was recently held on the Marco Polo blockchain platform. In September, Bank of America joined the Marco Polo platform, and Mastercard had done so earlier.
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