Mitsubishi UFJ and NTT data jointly conducted cross-border trade blockchain test

nStorms outrage: Japan and Singapore as the most active in the development of financial technology in Asia two countries, has been seeking to carry out related projects, the technology into practice. At present, Mitsubishi UFJ and NTT data dominate a pilot project to promote trade between Japan and Singapore, hoping to solve the technical problems in cross-border trade. A trading platform in Singapore also supported as a participant.n
nTranslation: Inan
Mitsubishi MUFG and NTT Data announced on December 5 a blockchain proof of concept to promote trade between Singapore and Japan.n
The cross-border pilot also includes Singapore’s National Trade Platform (NTP), which will use blockchain to connect the two countries’ digital platforms to facilitate the flow of international trade in a safe and transparent manner.n
According to the press release, both parties will use an API in their cooperation to link the prototype trading system developed by NTT Data with NTP, and work together to solve technical problems in cross-border trade.n
Fujiwara Fujiwara, director and executive vice president of NTT Data Financial Division, said:n
n”For NTT data and even for all Japan-related trade-related industries, it is extremely important to identify the technical issues, identify and standardize the solution.”n
nIt is worth noting that MUFG and NTT data are no stranger to blockchain technology.n
NTT launched a new alliance in August this year to explore blockchain technology use cases, including MUFG and 13 companies from the banking, insurance, import and export industries.n
MUFG has conducted a number of projects related to this technology and has recently also conducted a cross-border payment service with Standard Chartered Bank.n

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