İşbank becomes Turkey blockchain forex guarantor

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It was announced back on May 27 that the private loan specialist Işbank turned into the main Turkish bank to offer secure transactions in foreign exchanges via blockchain innovation. As per what the bank stated on this move, the exchange, wherein Turkish glass manufacturer Şişecam, German-based chemical organization Kuraray Europe GmbH, Işbank, and Commerzbank joined the startup, was completed on the Marco Polo platform on May 10.

The bank tried blockchain innovation through the two exchanges which were led in the pilot ecological system in May and November last year. Along with that,  this last one has become the main live foreign exchange led through the blockchain innovation in Turkey. The exchange among Germany and Turkey was additionally the first-ever movement to ensure the module of the global Marco Polo platform.

Remarking on the lead, Işbank Deputy Chief Executive Şahismail Şimsek said the blockchain innovation along with the uses of smart contacts provided with an estimation of the functionalities in customary plans of action, which leads to an elective that offers straightforwardness, speed, and trust for the parties that comes with it.

“Following the two pilot transactions we carried out in 2020, we have now successfully completed a live foreign trade transaction by using blockchain technology. The use of payment methods based on physical documents is decreasing and the need for data matching and banking services based on electronic commerce is increasing,” Şahismail Şimsek said.

Cyril Broutin, Marco Polo’s head of business development in Turkey, also said: “We are immensely proud to have İşbank as a partner bank and Sisecam as the first Turkish corporate client on the Marco Polo Network and are grateful for their vision and commitment to digital trade.”