November 5, 2020: As part of the transaction, United Mymensingh Power LTD imported 20,000 tons of fuel.
HSBC Bangladesh executed this transaction using the Contour platform. According to United Group CEO, the block chain will help to manage time efficiently while reducing costs.
HSBC Bangladesh has completed the first cross-border Letter of Credit (LC) transaction on block chain basis in Bangladesh. The transaction involved United Mymensingh Power LTD, a Singapore-based energy company that imported 20,000 tons of fuel for its power plant as part of the transaction.
Block Chain helped to reduce LC processing time from current 5-10 days to less than 24 hours. The bank executed the transaction using contour platform which runs on R3’s corda block chain technology.
Source: The Washington Newsday
