Canadian blockchain startup DLT Labs announced a deal with Japanese digital bank SBI Sumishin Net Bank (SSNB) to jointly offer a blockchain supply chain finance (SCF) solution in Japan. DLT Labs also provides a blockchain freight solution in Canada for Walmart.
SBI Sumishin Net Bank (SSNB) is a neobank joint venture between SBI Holdings and Sumitomo Mitsui Trust Bank. Regular readers of Ledger Insights will be aware that SBI Holdings is one of the most active groups in the world when it comes to blockchain and digital assets. Through its many ventures, such as Money Tap, it has close relationships with many other Japanese banks that might want to take advantage of the DLT Labs solution.
Some large Japanese retailers and carriers have been invited to join a supply chain finance pilot in Japan during the current quarter, and it’s planned to go into production soon. The companies expect to reap benefits seen elsewhere in supply chain finance solutions, including enabling a lower cost of financing for suppliers. It 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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