Japan’s Third Largest Bank Completes Blockchain Trade Finance Test

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Sumitomo Mitsui Banking Corporation (SMBC), the third largest bank by assets in Japan, is set to begin utilizing R3’s Marco Polo trade finance blockchain on a commercial basis by the end of the year.The bank said on Friday last week 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. Read more
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