SBI Sumishin Net Bank and DLT Labs will offer a blockchain-centric supply chain financing network across Japan.
SBI Sumishin Net Bank, Ltd. (SSNB), Japan’s No. 1 digital bank, and DLT Labs Japan Incorporated (DLT Labs), a wholly-owned subsidiary of DLT Global Inc., have entered into an agreement to jointly offer a blockchain-centric supply chain financing network across Japan, with wide application to industrial and banking partners, as well as directly to clients. The supply chain financing network will be powered by DLT Labs’ award-winning blockchain development platform and will provide end-to-end supply chain financing that is seamlessly integrated with clients’ supply chains.
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DLT Labs’ blockchain-centric network comprises the largest industrial-grade blockchain network in production to date globally and is the national standard for freight management and payments at Walmart Canada.
A select group of Tier 1 retailers and carriers in Japan have been invited to pilot the supply chain financing network starting in Q2 2021. Shortly thereafter, the network will be fully commercialized and made available across Japan. This digital transformation and process automation is anticipated to enable all network participants to experience the same significant competitive advantage obtained by other network users internationally, including new revenue streams from on-demand financial services and material operational savings for all participants.
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Utilizing the same network architecture, a platform for construction and mortgage supply chain financing is planned for commercial deployment.
Loudon Owen, Chair and CEO of DLT Global, says, “SSNB’s demonstrated commitment to this blockchain-enabled supplier financing network reflects its ongoing leadership in the digital fintech industry.” Owen adds, “Japan is renowned for rapid development and adoption of powerful new technologies and we are particularly pleased to be working with its No. 1 digital bank. The family of digital financing networks we are launching will be an unstoppable force in the future of industrial marketplaces and financial services.”
Currently, SBI Sumishin Net Bank, Japan’s No. 1 digital bank (ranked based on deposit balances), a 50-50 joint venture between SBI Group and Sumitomo Mitsui Trust Bank, is a recognized leader in developing new and innovative financial solutions for its clients. Through the provision of innovative financial services using leading edge digital technologies, SBI Sumishin Net Bank is committed to materially transform its clients’ business operations driven by the guiding principle of innovative customer-centric solutions.
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