Sumitomo Mitsui Banking Corp joins two blockchain-based trade platforms

These platforms digitalise LC workflow and issuance.

\Sumitomo Mitsui Banking Corporation (SMBC) announced that it has engaged with two blockchain-based trade platforms.

The bank said that it has signed a letter of intent with Singapore-based blockchain trade platform Contour, and a membership agreement with Swiss-based trade finance company Komgo.

This makes SMBC the first Japanese bank to join Contour’s beta network.

Contour digitizes the trade finance workflow and was launched commercially this year following an extensive period of testing with over 50 banks and corporates.

Meanwhile, “Komgo” is the world’s first blockchain-based platform for commodity trade comprising of the 18 largest global banks, trading companies and oil majors as its shareholders.

Both platforms aim to deliver significant efficiencies and transparency by digitalising LC workflow and issuance, according to SMBC.