Africa's largest financial network the Standard Bank of South Africa Limited has joined the Marco Polo Network.
The Marco Polo Network is built upon a blockchain tech, powered by TradeIX and R3’s Corda tools. According to the official announcement, the main idea of the partnership is to overcome critical trade finance challenges including lack of connectivity, time-consuming processes and high onboarding costs.
The bank will reportedly participate in the development of the Marco Polo Network with other leading financial institutions such as BNP Paribas, Commerzbank, ING and etc.
Kevin Holmes, Head, Trade, Product Management at Standard Bank, says the partnership allows the bank to actively participate in building the future of trade financing.
Earlier iHodl reported that one of the largest U.S. banks, Bank of America, is creating a system for the safe storage of digital assets, where each user will be provided with an individual level of access.
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