One of the biggest banks in Japan, Sumitomo Mitsui Banking Corporation (SMBC) announced that it had successfully completed a proof of concept using the Marco Polo network. Out of all 15 members of the Marco Polo Network, SMBC is the only Japanese member.
The proof of concept was carried out between SMBC and Mitsui & Co, one of the biggest general trading companies, or sogo shosha in Japan and was aimed at enhancing the efficiency in the trade process, while testing modules such as receivables financing and payment commitment.
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