TORONTO, April 8, 2021 /PRNewswire/ - SBI Sumishin Net Bank, Ltd. (SSNB), Japan's No. 1 digital bank, and DLT Labs Japan Incorporated (DLT Labs), a wholly-owned subsidiary of DLT Global Inc., have entered into an agreement to jointly offer a blockchain-centric supply chain financing network across Japan, with wide application to industrial and banking partners, as well as directly to clients. The supply chain financing network will be powered by DLT Labs' award-winning blockchain development platform and will provide end-to-end supply chain financing that is seamlessly integrated with clients' supply chains.
DLT Labs' blockchain-centric network comprises the largest industrial-grade blockchain network in production to date globally and is the national standard for freight management and payments at Walmart Canada.
A select group of Tier 1 retailers and carriers in Japan have been invited to pilot the supply chain financing network starting in Q2 2021. Shortly thereafter, the network will be fully commercialized and made available across Japan. This digital transformation and process automation is anticipated to enable all network participants to experience the same significant competitive advantage obtained by other network users internationally, including new revenue streams from on-demand financial services and material operational savings for all participants.
Utilizing the same network architecture, a platform for construction and mortgage supply chain financing is planned for commercial deployment.
Loudon Owen, Chair and CEO of DLT Global, says, "SSNB's demonstrated commitment to this blockchain-enabled supplier financing network reflects its ongoing leadership in the digital fintech industry." Owen adds, "Japan is renowned for rapid development and adoption of powerful new technologies and we are particularly pleased to be working with its No. 1 digital bank. The family of digital financing networks we are launching will be an unstoppable force in the future of industrial marketplaces and financial services."
ABOUT SBI SUMISHIN NET BANK (SSNB)
SBI Sumishin Net Bank, Japan's No. 1 digital bank (ranked based on deposit balances), a 50-50 joint venture between SBI Group and Sumitomo Mitsui Trust Bank, is a recognized leader in developing new and innovative financial solutions for its clients. Through the provision of innovative financial services using leading edge digital technologies, SBI Sumishin Net Bank is committed to materially transform its clients' business operations driven by the guiding principle of innovative customer-centric solutions. https://www.netbk.co.jp/contents/
ABOUT DLT Global
DLT Global is the leading provider of blockchain-enabled technology and solutions with global experience in supply chain management and financing, including the development and deployment of fully digital, fintech-enabled marketplaces. DLT Global's distributed platform automates the end-to-end, continuous and real-time integration and synchronization of all multi-party data exchanged by supply chain partners. DLT Global's platform integrates all supply chain data with on-demand financial services including payments, ensuring that information is shared and there is a single source of truth. DLT Global's dynamic no-code platform enables unlimited agility and platform evolution. www.dltlabs.com
SOURCE DLT Labs Inc
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