Japan’s largest digital bank, SBI Sumishin Net Bank (SSNB), have entered into a joint venture with DLT Labs to offer a blockchain-based supply chain financing network across Japan, with wide applications to industrial partners, the banking sector, as well as clients.
The supply chain financing network will be powered by DLT Labs’ blockchain development platform and will provide end-to-end supply chain financing designed to integrate with clients’ supply chains.
DLT Labs’ blockchain network represents the largest industrial blockchain network in the world and, having partnered with Walmart Canada in 2019, they are seen as the national standard for freight management and payments in Canada.
In Japan, a select group of retailers and carriers have been invited to pilot the network starting in Q2 2021. Shortly thereafter, the network is planned to become fully commercialised and made available nationally.
DLT Labs also plans to commercially deploy a platform for construction and mortgage supply chain financing using similar network architecture.
“SSNB’s demonstrated commitment to this blockchain-enabled supplier financing network reflects its ongoing leadership in the digital fintech industry,” said Loudon Owen, CEO of DLT Global.
“Japan is renowned for rapid development and adoption of powerful new technologies and we are particularly pleased to be working with its largest digital bank,” he added.
SSNB and DLT Labs anticipate that the digital transformation and process automation of their network will bring significant competitive advantages to its users, including new revenue streams from on-demand financial services and material operational savings.