On Tuesday Mitsubishi UFJ Financial Group (MUFG) and NTT DATA Corporation announced the launch of a Proof-of-Concept (PoC) blockchain technology that would strengthen trade ties between Singapore and Japan, according to the press release.
In cooperating with Singapore’s National Trade Platform (NTP), companies aims to make cross-border flows more secure, efficient and transparent, with the long-term goal of fostering greater trade and supply chain integration across the region.
In this PoC, MUFG and NTT DATA will utilise an application programming interface (API) to connect a prototype trade systemS currently developed by NTT DATA with Singapore’s NTP. The initiative will also help lay the foundation for a regional digitalised trade and supply chain platform in Asia.
In August NTT DATA launched a consortium to explore the potential of blockchain technology. The initiative includes 13 major companies, including MUFG, from sectors such as banking, insurance, exports and imports.