Recently, Japan’s Sumitomo Mitsui Banking Corporation (SMBC) and Mitsui & Co completed a trade finance Proof of Concept (PoC) on the Marco Polo blockchain. The trial was based on a real cross-border trade between Mitsui and Indonesia’s Indorama Ventures.
For the trial, Marco Polo member Bangkok Bank issued a payment guarantee for Indorama to Mitsui. The blockchain platform also enabled Mitsui to request receivables financing from SMBC based on the payment guarantee.
The latest test follows a PoC by SMBC with Mitsui
eight months ago. The Japanese bank plans to go live on the Marco Polo network later this year.
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