HSBC announced it completed two blockchain letters of credit (LC) transactions — one between firms in Saudi Arabia and Bahrain, and another between companies in Oman and Abu Dhabi.
For the first LC involving Saudi British Bank (SABB) acted as the issuing bank for Saudi Arabia’s Altaiseer Aluminium Corporation (TALCO), which provided the letter of credit. The transaction involved the shipment of homogenized aluminium billets from Aluminium Bahrain to TALCO. HSBC holds a 29.2% stake in SABB.
“As the world’s leading bank for trade finance, HSBC is actively supporting the adoption of technologies such as blockchain to make global trade faster, safer and simpler,” said Melika Betley, CEO of HSBC Bahrain. “With intraregional trade continuing to grow, we see tremendous potential for blockchain in the GCC [Gulf Cooperation Council].”
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