HSBC Bangladesh has completed the country’s first blockchain-powered cross-border trade settled using a letter of credit.
The Bangladesh branch of global banking firm HSBC has conducted the country’s first blockchain-based letter of credit (LC) transaction on the Contour DLT platform.
The transaction was used to settle the importation of 20,000 tonnes of fuel oil from United Group’s Singapore subsidiary United Mymensingh Power.
HSBC Bangaladesh’s chief executive, Md Mahbub ur Rahman, described the transaction as showcasing the bank’s commitment ”to supporting cross-border trade using “cutting-edge technology platforms.”
