Joon Kim, Global Head of Trade Finance, Working Capital and Portfolio Platform at BNY, described the non-competing collaboration as an organic evolution of discussions that began in the summer of 2023. “We are always looking for ways to collaborate from a correspondent banking and trade finance perspective,” said Kim. One of the core topics was the management of relationship management applications (RMAs) to exchange messages in trade finance between the two institutions. This leverages the BNY Trade Network Access Service, which facilitates global trade by providing Mizuho Bank flexible and scalable access to BNY’s robust correspondent banking network.

Kim noted that the partnership was strategic for helping Mizuho expand global trade operations. “Both banks found significant value in reaching more international access points and leveraging our assets, which led to the formalisation of this collaboration,” he added.

Tsutomu Yamamoto, Managing Executive Officer and Head of Global Transaction Banking Unit at Mizuho Bank, echoed Kim’s sentiments, praising the partnership's alignment. “This is a perfect match, leveraging each institution’s strengths in trade finance capability for our corporate clients while utilising BNY’s existing RMA network. The non-competing nature of our relationship creates a win-win situation,” said Yamamoto. He emphasised the strengthened institutional relationship as a significant benefit of this collaboration, enabling both banks to serve their clients more effectively in the global trade arena.

Ashutosh Kumar, Managing Director and Head of Global Transaction Banking for Asia Pacific at Mizuho, highlighted the operational advantages for Mizuho’s clients. “Our customers are expanding their counterparty discussions globally, whether buying or selling in various countries. With BNY’s network, they now have seamless access to letters of credit (LCs) in almost every part of the world,” Kumar explained. He also praised the digital portal provided by BNY, which allows for efficient routing of LCs and significantly reduces risks while enhancing the speed and efficiency of global trade operations.

This collaboration represents a strategic effort by both institutions to drive innovation in trade finance while providing clients with cutting-edge digital tools and broader global access, ultimately supporting the growth of global trade.