Major Japanese bank, Sumitomo Mitsui Banking Corporation (SMBC), will leverage R3’s Marco Polo blockchain network for trade finance, local cryptocurrency news outlet CoinDesk Japan reported on April 25.
SMBC, which is Japan’s third-largest bank by assets, plans to roll out blockchain services in the second half of 2019.
Other currency members of Marco Polo, which is powered by R3’s Corda enterprise blockchain platform, include banks such as BNP Paribas and ING.
The product successfully conducted its first trade finance operations in March, an operation involving two German firms and local bank Commerzbank. Sumitomo Mitsui Banking Corporation has joined Marco Polo to build a global platform, and is preparing to provide new services later this year.”
Various trade finance schemes are under development worldwide, with China this week announcing a partnership of its own involving a subsidiary of its central bank, the People’s Bank of China.