Bangkok Bank is the latest institution to join R3’s Marco Polo trade finance initiative. Additionally to the blockchain start-up R3, the project has been developed by trade finance technology firm TradeIX.
Marco Polo is one of the fastest growing trade finance business networks in the market which is being used by several leader financial institutions. The main task is to build an interoperable business network powered by open Application programming Interfaces (APIs) and distributed ledger technology (DLT). Some of the institutions working in the consortium are BNP, Commerzbank and ING.
The latest bank to join the famous blockchain consortium is the Bangkok Bank, one of the largest regional banks in South East Asia. Additionally, the bank is the most important lender in Thailand.
Different financial corporations are working with the latest technologies available in the market, including distributed ledger technology. The main purpose is to use new digital channels that are faster, more reliable and secure than regular and outdated systems.
Pornnit Dunnvatanachit, Bangkok Bank Executive Vice President, commented about it:
“Our customers are increasingly deploying sophisticated technologies in their operations and marco Polo provides an innovative way to respond to their needs. Through effective use of technology, we can simplify complex processes and support faster and more secure transactions which in turn will help to encourage the use of digital channels.”
Bangkok Bank is the first Thai bank that joined the R3 back in 2016. With the intention to create a new standard in trade finance technology, the bank has also taken the decision to work with TradeIX.
Daniel Cotti, CFO and Bank Partner Relationships at TradeIX, commented very positively about Bangkok Bank joining the Marco Polo network.
Mr. Cotti said
“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,”