Japanese firms Mitsubishi UFJ Financial Group (MUFG) and NTT Data announced yesterday the launch of a blockchain proof-of-concept aimed to foster trade between Singapore and Japan.
With participation from Singapore's National Trade Platform (NTP), the cross-border pilot is being designed to ease international trade flows in a "secure and transparent" way by connecting digital platforms in the two countries using blockchain.
According to a press release, the collaboration will see the partners utilize an API that will connect an NTT Data-developed prototype trade system with the NTP, as well as collaborate on tackling technical issues in cross-border trade.
Toshi Fujiwara, NTT DATA's director and executive vice president stated:
Notably, MUFG and NTT Data are no strangers to blockchain technology.
NTT launched a new consortium this August in a move to investigate use cases for blockchain technology. The initiative includes 13 major companies, including MUFG, from sectors such as banking, insurance, exports and imports.
MUFG has instigated a number of projects involving the tech, including most recently cross-border payment services in collaboration with Standard Chartered.
Singapore road image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.