Bangkok Bank has joined the R3 and TradeIX trade finance initiative Marco Polo. R3 is an enterprise software company whereas TradeIX is a trade finance technology specialist. Marco Polo was launched in 2017 as a Trade Finance Platform that is powered by blockchain technology and open Application Programming Interfaces (APIs). The bank also joined Caltex recently to introduce “BBL-Caltex Fleet Card.”
One of the prominent regional banks of Southeast-Asia, Bangkok bank, provides corporate finance and SME lending in Thailand and its international network includes 32 overseas branches in 15 countries including Cambodia, Cayman Islands, China, Hong Kong, Japan, Taiwan, Indonesia, Malaysia, Philippines, Myanmar, Laos, Singapore, Vietnam, US, and the UK.
Marco Polo Enables Seamless Connectivity
Built on an interoperable business network, Marco Polo has been developed in collaboration with some of the financial institutions of the world. The TIX platform of TradeIX provides Open Account trade financing whereas R3 provide the Corda blockchain technology to Marco Polo. TIX platform is an open platform that provides applications, technology tools and core infrastructure for stabilizing the operations within trade finance ecosystem whereas Corda is the only blockchain platform in the world especially designed and dedicated to businesses operating in complex and highly-regulated markets.
The collaboration also empowers the Marco Polo platform with the ability to offer end-to-end, real-time, and seamless connectivity to the traders. It also allows free flow of trade data by eliminating the data silos and the assets that cause discrepancies and inefficiencies. The Marco Polo platform, at present, will restrict its operations to only three distinct areas of trade finance. They include payables finance, receivables finance, and provision to make payment commitments on the basis of matching of trade data.
Bangkok Bank Collaborates With Caltex
According to the credit card chief of Bangkok Bank, Shoke Na Ranong, his bank in collaboration with Chevron (Thailand) Limited and the Caltex brand has developed a fleet card that will enable the firms to manage fuel expenses efficiently. The fleet card will provide the firms with electronic invoices that will keep account of daily and monthly fuel expense details including tax invoices. The fleet card will help the employers set limits for adding expenses according to the spending value or liters of fuel they require in a month or as per the mileage. It will help the firms to calculate the exact consumption of fuel in a month.
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