Bangkok Bank, the largest lender in Thailand and one of the largest in Southeast Asia, has become part of Marco Polo, a trade finance initiative led by blockchain-oriented software developer R3 CEV and trade finance tech company TradeIX.
The project, which was launched last year, centers on a trade finance platform developed on a business network utilizing blockchain and Application Programming Interfaces (APIs).
The Marco Polo initiative currently includes large corporations such as ING, BNP Paribas (PA:BNPP), Commerzbank (DE:CBKG), and Microsoft (NASDAQ:MSFT). The platform enables end-to-end, real-time connectivity between the parties, resulting in streamlined processing and higher speed.
Ian Guy Gillard, executive VP of Bangkok Bank, commented:
“Bangkok Bank is committed to using innovative technologies to meet the needs of our customers. We are delighted to be working with R3, TradeIX and several leading banks on the Marco Polo project in which we are applying Distributed Ledger technologies to address the complexities and inefficiencies of Trade Finance.”
R3 CEO David Rutter said Bangkok Bank was the first Thai lender to join the consortium back in 2016. He expressed his excitement over solidifying the partnership through the Marco Polo initiative.
Pornnit Dunnvatanachit, another executive VP at Bangkok Bank, stated that Marco Polo would satisfy customers’ needs for innovative technologies in their operations.
Daniel Cotti, CFO at TradeIX, commented:
“The Marco Polo initiative powered by the TIX platform from TradeIX and R3’s Corda blockchain technology provides a unique solution to the banks to reshape the way they are serving their clients to meet their trade finance needs and the way they interact with each other.”
Last year, New York-based R3 presented an updated version of its distributed ledger platform, Corda. The tech company, which leads a consortium of over 70 enterprises, introduced an innovative feature that will help developers simplify the app building process.
This article appeared first on Cryptovest
