Development Bank of Japan joins Poseidon Principles May 20, 2021, by Jasmina Ovcina
Development Bank of Japan Inc. (DBJ) has become a signatory to the Poseidon Principles, a regulatory framework for responsible financing of the shipping industry.
DBJ joins a number of Asian financial institutions to ink the framework over the recent period, including Sumitomo Mitsui Banking Corporation and MUFG Bank.
The Poseidon Principles are consistent with the policies and ambitions of the International Maritime Organization, including its ambition to reduce shipping’s total annual GHG emissions by at least 50% by 2050.
The aim of the framework is to enable financial institutions to align their ship finance portfolios with responsible environmental behavior and incentivize international shipping’s decarbonization.
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SMBC joins Contour trade finance network 4 hours ago
Source: Contour Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has become the latest institution to join Contour’s global network of banks, corporates and ecosystem partners working together to transform trade finance.
Having been a member of Contour’s beta network since last year, transitioning to the full production network signals SMBC’s commitment to digitising trade finance. In doing so, SMBC will be able to provide its customers with a fully digital end-to-end Letter of Credit (LC) settlement process, vastly improving cost and time-saving benefits.
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