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Marco Polo, the trade finance blockchain network launched in 2017 by R3 and TradeIX, is moving slowly but surely toward production. The latest milestone in the 22-bank blockchain consortium's methodical piloting process allows a third party to a trade (in this case a logistics provider) to trigger a payment to a supplier in real-time at the moment the goods are on their way to their destination.

Bank of America has joined Marco Polo, a consortium working to bring efficiencies to international trade using blockchain technology. Founded by R3 and TradeIX, Marco Polo is built on R3's Corda blockchain platform. "

Mastercard has joined Marco Polo. Founded by startups R3 and TradeIX, the blockchain-based network promises real-time connectivity, greater visibility for trading relationships and lower barriers to accessing capital.

Standard Chartered has invested an undisclosed sum into Contour, a Corda-based blockchain trade platform, to streamline transaction settlement processes.

Launched in mid-2018, we.trade is ahead of rivals like Marco Polo, a trade finance blockchain backed by TradeIX and R3 that's still in the pilot stage. The we.trade platform is now all about commercial adoption and it's taking a two-pronged approach: attract more banks and onboard more SMEs.

Marco Polo, a trade finance blockchain that has partnered over 20 banks, is testing its first trade deal between Germany and Russia.

Sumitomo Mitsui Banking is set to begin utilizing R3's Marco Polo trade finance blockchain on a commercial basis by the end of the year. A cross-border proof-of-concept test was successfully completed involving Mitsui & Co, a Japanese general trading company, Indorama Ventures, a Thai company in the intermediate petrochemicals business, and Bangkok Bank.

In a joint statement with Shanghai's commerce commission, the city's branch of the People's Bank of China said blockchain can solve asymmetries in trade finance and provide authenticity for trades. Blockchain also lowers cost thresholds for trading institutions, particularly in the export/import markets, the regulators said.

Today an MOU was signed between the subsidiaries of Hong Kong Interbank Clearing Limited and Institute of Digital Currency of the PBoC to conduct a Proof-of-Concept trial, which aims to connect eTradeConnect1 and the PBoC Trade Finance Platform.

Bank of New York Mellon has joined the Marco Polo trade finance consortium running on R3's Corda, becoming the 28th bank to do so.

Accenture has partnered with global trade finance blockchain startup TradeIX, becoming an onboarding partner for R3's Marco Polo Network.

Built on R3's open-source blockchain platform Corda, Marco Polo has hosted the largest global trade finance trial that involved over 70 organizations from 25 countries including financial giants like Japanese SBI Holdings,

The World Trade Organization and Trade Finance Global have published their latest taxonomy of blockchain projects in international trade. Many projects that were at an exploratory stage a year ago have matured and reached the production stage. This publication maps 44 projects related to trade finance, insurance, know your customer, shipping/logistics and supply chain, digitalization of trade documents and trade processes, among others, and assesses their level of maturity. A new section provides an overview of projects that work towards creating digital standards relevant for trade to drive digital interoperability.

The BIS Innovation Hub (BISIH) and the Hong Kong Monetary Authority (HKMA) have launched a TechChallenge designed to showcase the potential for new innovative technologies to resolve problems in trade finance (TradeTech). It is supported by the Asian Development Bank, the International Chamber of Commerce, the International Institute of Finance, the People's Bank of China and the Wolfsberg Group.The BISIH has published three problem statements and invites private firms to develop technology solutions: (i) connecting digital islands and increasing network size and effects, (ii) trade finance inclusion for SMEs, and (iii) TradeTech for emerging markets.

The PBOC and three other official entities proposed the development of a blockchain-based trade finance platform to finance the construction in the Guangdong-Hong Kong-Macao Greater Bay Area. The platform is intended to help participating banks securely share information pertaining to cross-border trades. http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4023428/index.html

Contour, the blockchain trade finance initiative owned by eight major banks: Bangkok Bank, BNP Paribas, CTBC, HSBC, ING, Standard Chartered, SEB and Citi, has officially left its beta phase. Contour, formerly called Voltron, has an initial focus on Letters of Credit, which historically have involved a very paper based process. Pilots on the platform have demonstrated it reduces the average processing time from ten days to 14 hours.

Ant Group has unveiled Trusple, a blockchain based-platform powered by AntChain to help Small to Medium Enterprises (SMEs) with cross-border trade. Trusple works by generating a smart contract once a buyer and a seller upload a trading order on the platform. As the order is executed, the smart contract is automatically updated with key information, such as order placements, logistics, and tax refund options. Using AntChain, the buyer's and seller's banks will automatically process the payment settlements through the smart contract.

The MAS, Singapore's Infocomm Media Development Authority (IMDA), and the Financial Services Regulatory Authority of Abu Dhabi Global Market, in collaboration with commercial partners DBS Bank, Emirates NBD and Standard Chartered, have successfully concluded the world's first cross-border digital trade financing pilot of its kind. The pilot used IMDA's TradeTrust framework to facilitate the transfer of electronic records between jurisdictions that have adopted the United Nations Commission on International Trade Law Model Law on Electronic Transferable Records.

The Monetary Authority of Singapore is starting two pilot projects to explore trade finance and wealth management product tokenization. The trade finance project will be led by Standard Chartered, and the wealth management product one involves HSBC, UOB, and Marketnode, a digital asset platform built by the Singapore Exchange and Temasek. https://www.mas.gov.sg/news/media-releases/2022/first-industry-pilot-for-digital-asset-and-decentralised-finance-goes-live