Yesterday the blockchain trade platform TradeLens announced that Citi piloted a paperless trade transaction for client Syngenta Bangladesh. Agrochemicals were imported to Bangladesh from India with an electronic bill of lading (eBL) used to support the Letter of Credit for trade finance. TradeLens is the blockchain network founded by IBM and a Maersk subsidiary and the TradeLens eBL is one of its main offerings.
Using the eBL is estimated to have reduced the transaction by ten days, as well as paperwork costs, postage and charges for storing the container at the port (demurrage).
“Trade has traditionally been reliant on paper-heavy documentation across multiple parties thus making transactions complex and riskier,” said Citi Treasury and Trade Solutions Head for Bangladesh, Md. Moinul Huq. “Embracing innovative technologies and platforms are bringing substantial benefits to our clients and to Citi as their banking partner.
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