First cross-bank Letter of Credit between Vietnam and Thailand over blockchain.First Letter of Credit issuance in Bangladesh.
#Standard bank shareplus full
Here is the full list of ‘firsts’ that have taken place on the Contour Network: The entire transaction was paperless and completed digitally through Contour’s network. Standard Chartered Bank acted as the Issuing Bank for the Applicant, as well as the Advising Bank for the Beneficiary of the LC. The Contour blockchain network is known for facilitating the first blockchain transaction by issuing a Letter of Credit (LC) in Bangladesh. Viyellatex Ltd, one of the country’s leading ready-made garments exporters, imported textile items from Viyellatex Spinning. Standard Bank now joins a robust network of partners that include reputable financial institutions such as: Standard Bank looks forward to working with the Contour team as it embarks on this exciting journey and remain confident that stakeholders throughout the trade value chain will join them.” The use of Corda blockchain technology is expected to offer significant efficiencies to transacting Letters of Credit through digital channels. Standard Bank is excited to be part of this network to deliver an open platform for documentary trade. “The African continent is in a unique position to leapfrog other more developed markets through the use of disruptive technology. Standard Bank is Africa’s biggest lender by assets and one of the top largest banks in Africa with operations across the following countries: SEE ALSO: Standard Bank, Which Facilitates African Crypto Exchanges Services, Awarded Best Bank in Africa 2020 by Global Finance Magazine
The Contour network includes finance banks and corporates that offer end-to-end digital experiences via the R3 Corda decentralized and consensus network.
The Standard Bank, a South African bank with a wide African network, has become the first bank in Africa to be part of the Contour decentralized, inclusive trade finance ecosystem.
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