Looking forward, TradeWaltz and its four initial users are hoping to build on these Vietnam trials to help digitalize trading operations throughout ASEAN and other parts of the world.
- The trial operations will mainly cover MCP’s trade of low-density polyethylene, which will be used in Vietnam to make plastic bags, packaging for foods and daily necessities, and additional products for which demand has been driven up by the pandemic in supermarket, takeout, and other industries.
- A letter of credit is a letter issued by a bank guaranteeing that payments will be received on time and in the full amounts.
- Joint Ministerial Statement (excerpt): The ministers recognized the ongoing initiative of the private sector to streamline trade procedures by building a platform for companies to exchange trade-related documents digitally. This is expected to help the region develop more sophisticated supply chains.
President and Chief Executive Officer
“This project is being undertaken as part of METI’s diversification scheme and focuses on the operations of two of our initial users, Mitsubishi Corporation Plastics and Mitsubishi Corporation. Looking more to the future though, we plan to expand the use of TradeWaltz® to help ASEAN and RCEP countries with their trade digitalization efforts and strengthen supply chains, which have been hit hard by the COVID-19 pandemic.”
President and Chief Executive Officer
Mitsubishi Corporation Plastics
“Mitsubishi Corporation Plastics is honored to be one of the first users of the TradeWaltz® platform. We are confident that it will not only make our trade processes more competitive, but also increase efficiency at each company in our supply chain and help to shore up trade operations in general. As a first user, we look forward to assisting with TradeWaltz’s efforts to build and refine a truly cutting-edge trade platform.”
General Manager of Digital Strategy Dept.
“In March we will finally begin using the TradeWaltz® platform. On behalf of MC, I wish to extend my profound gratitude to METI and JETRO for supporting this pilot project. The pandemic has ramped up the need to work remotely, both here in Japan and around the world, so we hope to make steady progress with these trials and ultimately help TradeWaltz® become the go-to solution for global traders.”
Managing Director, Head of Transaction Banking Division
MUFG Bank, Ltd.
“With COVID-19 having provided greater impetus to digitalization in so many industries, I am convinced that the TradeWaltz® platform will be the best solution in Japan for those engaged in trade. MUFG is pleased to represent the banking sector in this pilot project, which is the first step towards making the platform a commercial success. We will do our best to promote its initial uses and hone its services, with an eye to rolling it out to more customers in the years ahead.”
General Manager, Marine Underwriting Dept.
Tokio Marine & Nichido Fire Insurance Co., Ltd.
“The practical use of TradeWaltz® is a groundbreaking step. Tokio Marine Nichido will continue to work with Mitsubishi Corporation Plastics, Mitsubishi Corporation and our other partners on this project to promote greater digitalization in global trade.”
[Overview of TradeWaltz Inc.]
Company Name: TradeWaltz Inc.
Representative: Hirohisa Kojima, President & CEO
Headquarters: 2F, Marunouchi Nijubashi Building, 2-2 Marunouchi 3-Chome, Chiyoda-ku, Tokyo
Date of Establishment: April 2020
Business Description: Delivery of the TradeWaltz SaaS1, a trade data sharing platform using blockchain technology.
Capital: 2.1 billion yen (including capital surplus)
1. SaaS stands for Software as a Service. It is a model that makes software available for use over the Internet.
*TradeWaltz is a registered trademark of NTT DATA in Japan. Other product, company, and entity names are trademarks or registered trademarks of each company.