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Japan’s Shoko Chukin Bank, a financial institution focused on small and midsize businesses, is expected to begin a pilot trade-settlement test using deposit tokens as early as this year, NADA News reported, citing Nikkei.
Shoko Chukin plans to jointly develop the payment system with deposit-token infrastructure company DCP and trade support firm STANDAGE. Under the system, Shoko Chukin-issued deposit token DCJPY would be used for settlement, with the goal of simultaneously handling payment and the transfer of electronic bills of lading, which represent the right to receive cargo.
In the pilot, an overseas exporter would upload trade documents to the system, after which a Japanese importer would make payment with deposit tokens. DCP estimates the bill of lading issuance and receipt process could be shortened by as much as five business days. The companies aim to commercialize the system as early as fiscal 2028, which runs from April 1, 2028, to March 31, 2029, and expect it to be used by mid-sized and small businesses, Shoko Chukin’s main clients.