StanChart conducts country’s 1st blockchain transaction

Image collected
Standard Chartered Bank has successfully executed the country’s first blockchain transaction by issuing a Letter of Credit for readymade garment exporter Viyellatex Ltd over the Contour blockchain network, said a news release.

Viyellatex Ltd imported textile items from Viyellatex Spinning. Standard Chartered Bank acted as the issuing bank for the applicant in addition to the advising bank for the beneficiary of the LC.

The entire transaction was paperless and completed digitally through Contour’s network.  

Contour offers a distributed trade network enabling an increased amount of collaboration across the main factors of trade with all participants leveraging the network to create and renew trade data in real-time.   Built on R3’s Corda blockchain, Contour increases data transparency, removes administration costs and reduces friction in global trade: all this leading to an overall increase in efficiency and decrease in charges for all parties.

Among the founding members of Contour, Standard Chartered benefitted from Contour’s network which simplifies the LC process, delivering shorter settlement times, instant discrepancy resolution and simplified sanctions screening.

Standard Chartered Bank, Bangladesh CEO Naser Ezaz Bijoy said: ‘We are really proud to introduce blockchain technology in Bangladesh for trade transactions. It's been a privilege to partner with Viyellatex Group to initiate the first Blockchain enabled Letter of Credit in the united states. We are extremely excited to provide our clients improved speed and reduced risks of settlement made available from platforms such as for example Contours.’

Viyellatex Group chairman and CEO KM Rezaul Hasanat said: ‘Blockchain technology will surely increase trading efficiency and reduce turnaround time of the LC process. Hence, we are very happy and proud to collaborate with Standard Chartered Bank and be part of the first trade transaction in Bangladesh using the brand new blockchain technology.’

Contour CEO Carl Wegner said: ‘The recent transaction with Viyellatex Ltd serves to prove a solution exists and designed for adoption. It’s also hugely positive to have Standard Chartered introducing this revolutionary technology for trade in Bangladesh and we’re proud to become a the main first transaction in the united states.’ 
Source: https://www.newagebd.net

Tags :

Share this news on:

Previous Story

Trending Topics

Archive