BigstockThe LC processing time was reduced from the standard 5-10 days to under 24 hoursThe Hongkong and Shanghai Banking Corporation (HSBC) Bangladesh recently carried out the first-ever cross-border blockchain letter-of-credit (LC) transaction in Bangladesh, involving the import of 20,000 tons of fuel by United Mymensingh Power Limited, Bangladesh from Singapore. Md Mahbub ur Rahman, chief executive officer, HSBC Bangladesh said: “I am very pleased that HSBC has pioneered Bangladesh’s first-ever cross-border Blockchain LC transaction. This showcases our strong commitment and ability to support cross-border trade by Bangladeshi businesses using cutting-edge technology platforms. Moinuddin Hasan Rashid, group chairman and managing director of United Group, said: “We are very enthusiastic over the use of Blockchain technology for our imports. HSBC has effectively pioneered Blockchain platform in many a country including but not limited to India, Dubai, Malaysia, Oman, Saudi Arabia, Singapore, South Korea and Vietnam.

Source: Dhaka Tribune October 31, 2020 09:00 UTC