Today the Asian Development Bank (ADB) announced the completion of a credit guarantee transaction using distributed ledger technology (DLT) for a $50,000 shipment of plastics from Thailand to Vietnam. The pilot used the Contour Letter of Credit blockchain, formerly called Voltron.
Standard Chartered worked with the seller Thailand’s SCG Plastics for trade finance and the buyer was Vietnam’s Opec Plastics, a client of the Bank for Investment and Development of Vietnam’s (BIDV).
“The coronavirus pandemic underscores the need for the trade finance industry to digitize operations,” said ADB’s Head of Trade and Supply Chain Finance Steven Beck. “This innovation makes trade more efficient, reduces risk, and lowers barriers to entry for small and medium-sized businesses in developing Asia.”
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