In collaboration with Singapore’s National Trade Platform (NTP), Mitsubishi UFJ Financial Group, Inc.’s (MUFG) banking entity, The Bank of Tokyo-Mitsubishi UFJ, Ltd. and NTT DATA Corporation (NTT DATA) jointly announced the commencement of a proofof-concept (PoC) prototype leveraging blockchain or distributed ledger technology (DLT) that aims to strengthen trade ties between Singapore and Japan.
This initiative 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.
This PoC is the first attempt to integrate digital platforms between the two nations, and it seeks to address and provide digital solutions to technical challenges prevalent in international trade, where differing trade regulations and documentation standards predominate.