SMBC, which is Japan’s third largest bank by assets, is ready to adopt R3’s Marco Polo, a trade finance blockchain. The technology will make trade finance, faster and more transparent for all participants.
Other giants in the financial industries have also showed interest in the initiative, including iconic players like Bangkok Bank, Bank of America, BNP Paribas, Mastercard. The network recently completed tests for trade finance transactions between Russia, Germany and now Japan. It is expected to be adopted on a commercial basis by the end of the year.