The third largest bank in Japan to launch blockchain services by leveraging R3’s Marco Polo network
- SMBC to start offering blockchain services in the second quarter of 2019.
- “Sumitomo Mitsui Banking Corporation has joined Marco Polo to build a global platform…” SMBC’s vice chairman, Yasuyuki Kawasaki.
According to CoinDesk Japan, Sumitomo Mitsui Banking Corporation (SMBC), the third largest bank in crypto-progressive Japan is preparing to start offering blockchain services in the course of the second half of 2019. The banking giant is going to leverage R3’s Marco Polo blockchain network.
The Marco Polo network members include BNP Paribas and ING. SMBC has now joined the existing members to integrated the platform powered by R3’s Corda enterprise blockchain platform. Last month, the product made the first trade finance, an operation that involved a number of German firms in conjunction with Commerzbank, a local bank.
SMBC’s vice chairman, Yasuyuki Kawasaki commented on the success of the trade saying:
“Trade finance […] is very complicated, and many of the documents necessary for trade transactions are paper-based and complex.”
He said in continuation:
“This time-consuming process has been going on for 100 years. Sumitomo Mitsui Banking Corporation has joined Marco Polo to build a global platform, and is preparing to provide new services later this year.”
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
