Sumitomo Mitsui Banking Corporation (SMBC), the second largest bank in Japan, has completed a proof-of-concept (PoC). The bank used Marco Polo trade financial platform from R3.
A few months ago, nine Japanese banks joined forces to create a new blockchain-based interbank. SMBC was one of them. Now, Sumitomo Mitsui confirmed another blockchain-based testing completion.
Sumitomo Mitsui Banking Corporation was established in 1876. Since then, this financial institution has grown to become one of Japan’s leading banks. Over 140-years old bank is heading into a new, blockchain-based world.
On February 18, the company confirmed that it had completed proof-of-concept (PoC) via a press release.
The PoC is utilization of a specific method or idea to prove its feasibility. Usually after that, there are more tests before launching the platform.
A Marco Polo venture
Marco Polo is a platform developed by the world’s most influential financial organizations and supported by TradeIX and R3, blockchain technology firms. The institution has joined forces to provide world-class trade services. They aim to create more modules with paperless, easy access and real-time connectivity solutions.
The venture consists of 15 banks from all over the world. SMBC is the only Japan bank participating in the Marco Polo platform. The PoC was conducted between internal companies of Sumitomo Mitsui Financial Group.
SMBC plans to exploit the platform within the first half of the 2019 fiscal year. The Japan banks also reassured its clients that it will continue developing new services provided by the blockchain technology.
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