Marubeni Corporation (hereinafter, 'Marubeni') and Mizuho Bank, Ltd. (hereinafter, 'Mizuho Bank') have implemented supply chain finance to one of Marubeni's partner suppliers in the form of an online financial platform powered by blockchain technology which was developed with Marubeni's business alliance partner, Blockchain Solutions Pte. Ltd. (hereinafter 'BSG') in Singapore.
By ensuring that the data on the Platform is tamper resistant, it is possible to apply and approve the use of supply chain finance based on online data. Through the Platform, it is also possible to meet the Suppliers' needs for early encashment; this is in comparison to conventional payment transactions that require delivery of original trade documents. Now, on September 8, 2021, the first transaction was completed on the Platform with an electric vehicle components manufacturer, Marubeni's partner supplier. Marubeni plans to continue expanding supply chain finance transactions utilizing the Platform. Marubeni is working on the utilization of blockchain technology as one of its next-generation business development initiatives.
In addition to the Platform, Marubeni is also working on building a traceability system utilizing blockchain technology to ensure the transparency and safety of distribution in the supply chain, and will continue to improve the efficiency of transactions and create additional value throughout the supply chain. Mizuho Bank is accelerating its digitalization initiatives and proactive collaboration with external partners toward the 'Transitioning to the Next Generation of Financial Services' set forth in the Group's 5-Year Business Plan.
By collaborating with business partners, Mizuho Bank will enhance its knowledge of supply chain finance and trade transactions utilizing blockchain technology, and strive to provide more efficient, highly transparent, and diverse financing and settlement methods.
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