Trade platforms WaveBL and TradeWaltz have partnered to enable digital trade document exchange in Japan, marking a first for banks in the country.
WaveBL is a provider of blockchain-based electronic bills of lading, and TradeWaltz is a trade information collaboration platform set up in 2020 and backed by a consortium of Japanese firms, including major banks MUFG, SMBC and Mizuho.
The integration agreement represents a “significant step in expanding digital trade finance connectivity into the Japanese market”, the providers said.
Under the partnership, TradeWaltz users will have access to WaveBL’s existing global network of carriers, forwarders and customers, while WaveBL users will gain access to Japanese banks and corporates.
The expectation is that, after this initial opening of the Japanese market, the digitisation of the whole trade finance industry in Japan will be expedited, WaveBL told GTR.
“This integration creates a unique opportunity to connect WaveBL’s global network with one of the world’s most significant banking ecosystems,” the firms said.
Noam Rosenfeld, chief executive of WaveBL, said: “By integrating with TradeWaltz, we are enabling access to a highly strategic banking ecosystem and supporting the transition to digital trade finance workflows across key global markets.”
Takahiro Sato, president and chief executive of TradeWaltz, added: “Through this strategic integration with WaveBL, we are not only accelerating the adoption of secure digital trade documentation but also taking a significant first step towards advanced settlement and next-generation trade finance standards leveraging blockchain infrastructure.”
US-based non-bank trade finance network Capital4Trade and freight forwarder Tech Cargo recently completed what they described as a “market-first” trade finance deal using WaveBL’s electronic bill of lading platform and stablecoin liquidity.
