3rd March 2022 (London / Dublin) –The world’s first blockchain-enabled, distributed network for supply chain trade finance and payment solutions, Marco Polo Network (formerly TradeIX) further accelerates global growth with its partnership with Servilamina Summit Mexicana in Mexico (“Servilamina”) and Sumitomo Mitsui Banking Corporation in the Americas (“SMBC Americas”).
As part of the collaboration, Servilamina, together with SMBC Americas, utilises Marco Polo Network to assist in their working capital objectives.
A subsidiary of Sumitomo Corporation, Servilamina currently operates three steel service centres in Mexico. With the global automotive market anticipated growth, the demand for Servilamina’s steel solutions will likely see significant increase, further strengthening the corporate’s need to explore innovative and efficient ways in achieving financing and working capital optimisation.
Receivables Discounting, also known Receivables Financing, is one of many forms of working capital optimisation being utilised by corporates. Despite it being a widely adopted financing arrangement in multiple industries globally, it continues to face challenges and vulnerabilities including inefficient paper-based processes, lack of connectivity and high onboarding costs.
Leveraging the unique benefits and advantages of blockchain technology, Marco Polo Network’s solutions are built specifically to overcome and eliminate existing trade finance challenges. The result is an innovative digitised workflow solution that is collaborative, cost efficient, secure, fast, and accurate.
Additionally, the open enterprise platform built on a distributed network greatly enhances corporates’ abilities to configure, automate and scale their individual receivables programs securely, quickly, and easily.
“Going live with receivables on the Marco Polo Network is an important milestone for our company. The innovation and benefits will transform our working capital, and the sustainable solutions are instrumental in supporting our vision to be the best steel service centre in Mexico.”
Daiki Igarashi, General Director, Servilamina
“This a significant milestone for SMBC and it is a testament to our commitment to our customers’ experience and the digital transformation of trade finance on a global scale. First launched in 2020, SMBC is now live with Marco Polo Network in multiple regions, Asia and the Americas, with plans to expand into other major markets in 2022. Working with Marco Polo has accelerated our ability to digitise, streamline, and scale our global trade finance operations and in turn has allowed us to offer a more secure, accessible trade finance experience to our customers.”
Kazuo Yoshimura, Managing Director & General Manager, Global Trade Finance, SMBC Americas
“Having Servilamina Summit Mexicana (Mexico) and SMBC Americas live on Marco Polo Network is a significant milestone which demonstrates once again that there are no limits to our global reach, not just in terms of geographical scope but also in our ability to offer practical digital trade solutions, including receivables for corporates and financial institutions.”
Dan Juliano, Managing Director Americas, Marco Polo Network
SERVILAMINA SUMMIT MEXICANA
A subsidiary of Sumitomo Corporation, Servilamina Summit Mexicana currently operates three steel service centres in Mexico. With the global automotive market anticipated growth, the demand for Servilamina’s steel solutions will likely see significant increase, further strengthening the corporate’s need to explore innovative and efficient ways in achieving financing and working capital optimisation.
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 85,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. As of September 30, 2021, its total assets were $2.16 trillion.
In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.