SCB pioneers Bangladesh’s first-ever blockchain “LC”

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Customary Chartered Financial institution has efficiently executed the nation’s first blockchain transaction by issuing a Letter of Credit score (LC) for Viyellatex Ltd over the Contour blockchain community.
Customary Chartered Financial institution acted because the issuing Financial institution for the applicant, in addition to the advising financial institution for the beneficiary of the LC, stated a press launch.
Your entire transaction was paperless and accomplished digitally via Contour’s community. Contour gives a distributed commerce community enabling an enhanced diploma of collaboration throughout the principle parts of commerce with all members leveraging the community to create and renew commerce knowledge in real-time.
Constructed on R3’s Corda blockchain, Contour improves knowledge transparency, removes administration prices and reduces friction in world commerce: all of this resulting in an total improve in effectivity and discount in prices for all events.
As one of many founding members of Contour, Customary Chartered benefitted from Contour’s community which simplifies the LC course of, delivering shorter settlement instances, on the spot discrepancy decision and simplified sanctions screening.
CEO of Customary Chartered Financial institution, Bangladesh Naser Ezaz Bijoy stated, “We’re extraordinarily proud to introduce Blockchain expertise in Bangladesh for commerce transactions. It has been a privilege to companion with Viyellatex Group to provoke the primary Blockchain enabled Letter of Credit score within the nation. We’re very excited to supply our purchasers improved velocity and decreased dangers of settlement provided by platforms akin to Contours. We acknowledge that our purchasers are more and more on the lookout for new options to handle the necessity for higher effectivity, and that this milestone represents the primary of many such transactions that may comply with.”
Chairman and CEO of Viyellatex Group KM Rezaul Hasanat stated at Viyellatex Group, they at all times attempt to supply high quality services on time.
“We acknowledge that innovation and digitization is vital to stay aggressive in right this moment’s ever-changing world commerce situation. Blockchain expertise will definitely improve buying and selling effectivity and scale back turnaround time of the LC course of. Therefore, we’re very completely happy and proud to collaborate with Customary Chartered Financial institution and turn out to be part of the primary commerce transaction in Bangladesh utilizing the revolutionary blockchain expertise,” he added

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