Trade Finance

DBS Bank Partners with Singapore Government to Launch Blockchain Trade Platform

Asian banking giant DBS and multinational commodity trading firm Trafigura Group are tapping blockchain to facilitate global trade. Alongside the Singapore government and the International Chamber of Commerce, these firms are looking to reduce the number of paper-based processes involved in global trade. Distributed ledger technology firm Perlin is providing the blockchain background to build …

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Japan’s Third Largest Bank Completes Blockchain Trade Finance Test

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 …

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Daimler Carries Out First Transaction on Marco Polo Blockchain Trade Network

Automaker Daimler has carried out its first transaction on the blockchain-based Marco Polo trade finance network. The pilot commercial trade transaction saw the firm – which owns Mercedes-Benz among other brands – process the data required to exchange payments with engineering firm and parts builder Dürr, according to a press release sent to CoinDesk on Wednesday. German …

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Bank of America Joins Marco Polo Blockchain Trade Network

Bank of America has joined Marco Polo, a consortium working to bring efficiencies to international trade using blockchain technology. Founded by startups R3 and TradeIX, Marco Polo is built on R3’s Corda blockchain platform. The network aims to deliver real-time connectivity, greater visibility for trading relationships and lower barriers to accessing capital. According to an …

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Standard Chartered Completes First Transaction on Oil Industry Blockchain Platform Voltron

Standard Chartered Bank has announced the successful completion of the first international letter of credit (LC) transaction on the oil industry-focused blockchain platform Voltron. In an announcement Wednesday, the bank said it had conducted the pilot transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited, which involved shipment of an oil product …

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Over 50 Banks, Firms Trial Trade Finance App Built With R3’s Corda Blockchain

ABN Amro, Standard Chartered, ING and around 50 other banks and companies have participated in tests of a trade finance application called Voltron. The open industry platform was initiated by eight founding member banks with the aim of improving the trade finance process by simplifying letter of credit transactions to deliver speedy settlement times and …

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We.Trade Co-Founder Mancone Is Leaving the Enterprise Blockchain Firm

Roberto Mancone, the charismatic chief operating officer of trade finance platform we.trade, is leaving the company. One of the co-founders of we.trade, Mancone said he was proud to have led the platform as it became a legal entity and to have seen it grow from seven banks to 14. However, he said his own personal …

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Marco Polo Blockchain Built on R3’s Corda Sees First Live Trades

The first two real-world transactions have been conducted on Marco Polo, the trade finance blockchain built on R3’s Corda platform. Announced Thursday, the trades took place between two German companies: Voith, a manufacturer of machines such as turbines, generators and transmissions, and KSB SE, a supplier of pumps and valves.  One transaction involved the delivery …

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Citi Scraps Its Plan for a JPM Coin-Like Bank-Backed Cryptocurrency

In light of the splash JPMorgan made recently with its plan for a bank-backed cryptocurrency, it’s worth remembering another big institution first tested a token to connect global payments – back in 2015. Codenamed “Citicoin,” the project out of Citigroup’s innovation lab in Dublin was never formally announced by the bank, even as a proof …

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