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  • Mitsubishi Corporation Fashion is the First Apparel Industry User to Start Using the Trading-related Information-sharing Platform "TradeWaltz" on a Trial Basis

Mitsubishi Corporation Fashion is the First Apparel Industry User to Start Using the Trading-related Information-sharing Platform “TradeWaltz” on a Trial Basis

 From January 2022, Mitsubishi Corporation Fashion (President: Shigeru Murata) will begin trial use of TradeWaltz®*1, a trading-related information-sharing platform provided by TradeWaltz Inc. (President: Hirohisa Kojima), as the first user from the apparel industry.
 In this trial, Mitsubishi Corporation Fashion will introduce TradeWaltz Inc.’s trading-related information-sharing platform on a trial basis to verify the effects of digitalizing trade documents that are still exchanged by paper. This is expected to enable telework by trade professionals, reduce costs, and improve operational efficiency. Mitsubishi Corporation Fashion is the first company in the apparel industry to use the system.

Challenges of trade operations in apparel
 In the apparel industry, (1) many procedures are required even for small products, such as applying for individual customs clearance and attaching certificates for various accessories, such as “tags” and “patches with licensed characters” attached to standard clothing, and (2) the number of trading partners is even more diverse due to the complex distribution process.


 Particularly burdensome areas include the visual confirmation and sending of contracts, shipping and customs documents, and handwritten signatures on bills of lading*2, so digitalizing these tasks is key to remote work and business efficiency.
 In order to promote the digitalization of trade operations, the Japanese government is considering the digitalization of bills of lading in the “Regulatory Reform Implementation Plan” approved by the Cabinet on June 18, 2021.

Expected benefits of the trade platform TradeWaltz
 TradeWaltz is a trading-related information-sharing platform that enables the unified management of documents related to trade operations through electronic data. It achieves high security through the use of blockchain*3, which is known for its difficulty in falsifying information. It also enables electronic sharing and editing of various documents among industry participants on the same platform.

 If trade documents are digitalized, it will be possible to work remotely, send documents electronically instead of by postal mail, and check the progress centrally, which will improve operational efficiency. In the demonstration tests we have conducted so far, we have confirmed that the time required for trading operations can be reduced by 40% to 60% compared to the conventional system.

【Comments from People Involved】
Mitsubishi Corporation Fashion, Business Operations Division Delivery & Settlement Department, Masaya Hioki
 We have been examining and considering the effects of the introduction and use of TradeWaltz for about six months. Through the trial, we expect to improve the efficiency of our operations and the ability to work remotely by digitalizing documents. In the future, we hope to accumulate more data and contribute to SDGs by reducing the amount of paper used and documents transported, thereby reducing the burden on the environment.

TradeWaltz Inc., Director and COO, Hiroyuki Kubooka
 We would like to express our gratitude to Mitsubishi Corporation Fashion for being the first company in the apparel industry to decide to use TradeWaltz. With the use of TradeWaltz by Mitsubishi Corporation Fashion, the total number of users of TradeWaltz has reached eight companies*4. We will continue our efforts to increase the number of users and improve customer satisfaction, as well as contribute to further streamlining trade operations.

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*1 A trading-related information-sharing platform that enables the unified management of documents related to trade operations through electronic data.
*2 One of the shipping documents in trade, issued by a shipping company upon receipt of the exporter’s cargo.
*3 A system for sharing records of multiple transactions as data on the internet and managing the data by connecting them like a chain. It is also called a “distributed ledger.” Since the data is stored by connecting the previous and next data in blocks, it is difficult to rewrite past data.
*4 MOL Logistics Corporation, Tokio Marine & Nichido Fire Insurance Company, FUJIFILM Holdings Corporation, Maruzen Showa Unyu Co. Ltd., Mitsubishi Corporation, Mitsubishi Corporation Fashion Co., Mitsubishi Shoji Plastics Corporation, Mitsubishi UFJ Bank, Ltd.
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■About TradeWaltz Inc.
Company Name                 TradeWaltz Inc.
Representative                   Hirohisa Kojima, President & CEO
Headquarters                     2F, Marunouchi Nijubashi Building,
                                            2-2 Marunouchi 3-Chome, Chiyoda-ku, Tokyo 100-0005, Japan
Date Established                April 2020
Main Operations                Delivery of the TradeWaltz® (*1) SaaS(*2),a trading-related
                                            information-sharing platform built with blockchain technology
URL:                                  https://www.tradewaltz.com

*1)「TradeWaltzis a registered trade mark in Japan of TradeWaltz Inc. Any other names of products, companies, groups, etc., are names and registered trademarks of their own.
*2SaaS stands for Software as a Service. It is a model that makes software available for use over the Internet.

Please direct all inquiries regarding this announcement to TradeWaltz Inc. CEO’s Office
Rep: Someya and Saito
Email:info@tradewaltz.com

 

 

 

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